1. On a weekly chart, after the downtrend, there is usually a five wave abcde consolidation and which there will likely be a breakout from the 5th wave. So it is looking to me as ifthe market is going to its 5th wave to bounce before it breaksdown and breakout or probably fly away with this potential butterfly.
2. On daily chart, is an elliot wave count. Ig seems to be on the second part of wave called the correction wave with 3 counts after the first wave called trendy wave with 5 counts.
So potentially it sees bullish.
3. On dollar chart on a weekly chart, it went uo to a good weekly resistance probably by now should have formed a double top. And looking as if it will go down. So if it goes down, ther the pair will begin to rise.
However all analysis may be nade, but market is market and can go its way. So i do commend a good entry and risk to reward ratio.
Good luck bro
im in this trade and let us see what it has.
a good risk to reward ration
i just hope this trade does as i say