This possible setup includes Bearish Gartley
and Butterfly pattern
completions within the same reversal zone drawn in blue. The arrow represents an AB=CD
on the Butterfly pattern
which I've selected as my ideal entry location, especially considering it is near the highest horizontal resistance line drawn in green. The market could potentially reverse at the second highest line around 1.1470 since this has been the most significant resistance level
during the last year. This would scrap both of these patterns, but an earlier entry would be hasty as far as pattern trading goes. You could argue trend continuation trade to the down side if a lower high/double top is put in at or below the same 1.1470 level. Since the RSI
is showing bullish
hidden divergence (drawn in red), I'm only preparing for the pattern completion.