purpurato59
Short

Oil butterfly

TVC:USOIL   Crude Oil (WTI)
This pattern is testing the PRZ and it is possible that after a few days travelling on the overbought zone of several indicators USOIL             is ready to correct.
I will keep a close eye on XAUUSD             too because those two assets are correlated and tend to synchronize their reversals. Try to graph the ratio of the two and you'll see we just hit a support line.
Trade closed manually: Hope you could lock some profits before the spike.
Trade active: I reopened at a price very close to the one shown on chart. Please see reply below for time and price targets.
Trade closed: target reached: Both the butterfly and the pitchfork worked great.
That was a bullseye for sure.
Not versed in butterfly pattern, but have seen several acurate charts using them. Assuming fridays break holds, can the a new pattern predict price out 30 days are so? Or is it more focused on a shorter timeframe?
Reply
Your charts motivate me to do as good work as yours, here it is.
The time objective for these patterns can be related to some symmetry for the pattern, that is XB and BD should be similar, so the following move too. In this case somewhere beginning november, anyway the end of the move not before the 0,382 fib time of XD that is in a couple of weeks.
As for the price, the objectives are at a minimum of 0,382 CD or 0,618.
This is all considering we're actually reversing ! Let's wait and see if it holds. As it is all written here, we'll see afterwards how it went ;)
snapshot
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BigEz PRO purpurato59
This is interesting.. I need to study it more. I have a few other dates that I haven't published, as I'm not able to give much more than anecdotal info ... but one of those dates is Oct 28-29.. Ten days before election. I'm looking for that the be a possible hard break in the markets.
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