What you are seeing here is an "small" (relatively speaking compared to the ED pattern on the Daily TF) expanding within the larger pattern. This expanding triangle is in the cd leg of the ED. Prices are very quickly heading towards the completion of the expanding triangle.
There is also a POTENTIAL defining the cd leg of the ED as well but it's D point is outside the ending diagonal's upper TL D point.. Which on a daily TF scale is not much. Also keep in mind that just because the bat is there DOES NOT mean prices must complete it. If it does complete it, it will mark a good sell point for the ride down to complete the pattern.
On the DAILY TF, you can still see the 2 long-standing are still in effect. In fact, the should be ending somewhere near to the butterfly's D point completion.
Here is the so you can see the bigger picture:
MY TRADE PLAN
For now, just waiting for prices to finish off that expanding and reach the upper TL of that ED before I will consider taking a SHORT.
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
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