XAU/USD - Bullish Butterfly

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Hello traders, it appears XAU/USD is now forming a bullish butterfly pattern on the 1h chart in addition to a bullish 5-0 which I posted on here at the beginning of February.

You can see more on this analysis below.

Two valid harmonic setups are forming in the same area, the bullish 5-0 at $1,300 and the bullish butterfly at $1,295.

The measurements for a valid butterfly pattern are detailed below.
B: 0.786
C: 0.382 - 0.886
D: 1.618 - 2.24
X to D: 1.272

The daily chart provides several indications going forward, price is quickly approaching the support zone where both of our harmonic setups complete, at the bottom of the zone price will meet the 200 EMA which is an additional dynamic support. The next support to follow this is most likely the lower support trendline near $1,250.

I will most definitely be waiting for the next daily close before executing, the decline is extremely aggressive so wait on confirmation of a reversal.

In addition to the analysis provided above, price forms a valid AB=CD formation at $1,300 with the reciprocal ratio of 0.5 which is 2.0.

Stay safe, stay harmonic! Have an excellent weekend when it comes.
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Lewis What do you see XAU/USD Forming on the Daily? I'm sure it's a Shark pattern, and I thought it might of been a bat pattern, but look at it the next higher high after the first high was larger. I also looked at a - b retracement which was a 50% Retracement down, so that's why I believed it was a bat pattern at first. What are your thoughts if you don't mind me asking please. I highly appreciate your assistance sir, God bless you, have a great day! :)Talk to you soon :)
TheExpertTrader TheExpertTrader
Sorry @LewisGlasgow I forgot to tag you. I don't get on Trading View Much , I'm new to trading, and only been using MT4 lately, and I am still working to be free at a regular job, so I can do this fulltime.... ;)
LewisGlasgow TheExpertTrader
@SuccessfulWSerg, hey, thanks for reaching out. I'm not sure what you're looking at on the daily, always helps to provide a chart but this is what I see.

This could be a bat pattern, technically it is valid but this depends on your own rules. I prefer the C point to be closer to 0.886 than 1.0 of AB.

Keep at it, you'll make it :)
TheExpertTrader LewisGlasgow
Thank you @LewisGlasgow, I'm still new to all of this, so I appreciate you letting me know that. I will definitely keep at it... Thank you TTYS... :)
TheExpertTrader LewisGlasgow
By the way Thank You @LewisGlasgow, I appreciate you letting me know about the C retracement, that definitely puts things into a better perspective for me when looking at Harmonic Patterns sir... :)
TheExpertTrader LewisGlasgow
Here's what I see @LewisGlasgow,
+1 Reply
LewisGlasgow TheExpertTrader
@SuccessfulWSerg, perfect! If you need any help feel free to drop me a message.
TheExpertTrader LewisGlasgow
@LewisGlasgow I was wondering, and I'm still trying to figure this out, but when a pattern is created what are the Fibonaccia retracements up to take profit. I understand you place your stop loss right under the Lowest low after the highest high is created, but what are the fibonacci retracements up to take profit when a pattern is created sir. Thank you once again. I respect your assistance. And by the way are these all the same for all the patterns and will it also be the same for bearish patterns sir? that's all. Thank you once again. Respectfully, Sergio Ramirez,
TheExpertTrader LewisGlasgow
@LewisGlasgow, or The higher Low* (Sorry Correction)
@LewisGlasgow, we're in the zone, let's wait a sign?
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