The current price action is looking like it is setting up for a C leg completion of a butterfly pattern. If this pattern completes it would be against the underlying trend. Price has a bit of distance to cover before hitting that C leg completion but if it does complete I would look for a limit order at D. My confidence in this actually completing is a bit low because we have a fairly clear bearish trend on the higher time frames.
Comment:
Price just touched the minimum level for C leg completion. As long as price stays below the A level then we are on our way to a pattern completion.
Comment:
The B level has been violated so now if price action moves above C leg then setup is invalid. Let's see if we get a pattern completion here.
Trade active:
Trade is on! D level was hit and limit order triggered.