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GOLD next leg development can be that simple ?

FX:XAUUSD   Gold/U.S. Dollar
105 1 0
GOLD             next leg development can be that simple ?
isomorph
3 years ago
yes it can, but 1st of all, the max retracement for C is 0.886%, i.e. C cannot exceed A, which is what this butterfly shows. therefore we do not have a valid butterfly as well as no valid ABCD inside of it.

2nd, if you move your X point down and to the left, around 1,373.0, you can draw what looks like a potential Gartley 222 or Butterfly BUY in progress, depending where the D point ends up. but if you draw your fib retracements and projections properly, you will see that the .... why the hell am i typing this when i just published the damn chart! here ya go:
Potential Butterfly BUY on H4 with K-area and agreement zones
.

an alternative to this scenario would be:
ABCD complete with 2 harmonic legs
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