isomorph

Potential Butterfly BUY on H4 with K-area and agreement zones

FX:XAUUSD   Gold/U.S. Dollar
344 3 1
Market could potentially complete a nice harmonic butterfly BUY in K-area and agreement zone. All fib numbers align very nicely. But then again, market is king! ;) That being said, price is now below MPS2 and WPS2 but holding above DPP. If price doesn't break this range beyond MPS2 and WPS2, I would look at a retest of the DPP and K-area since it happens to be inside said K-area, and if that breaks, then we'll have a chance to see the harmonic pattern complete with potential reversal up from PRZ. (around D point), which also happens to be another K-area around major S/R levels as well.

So I predict strong support at least in the 2nd K-area where the Butterfly BUY could complete. But if that SPPT zone does not hold as well, then we are off to the races, as it were.
isomorph
3 years ago
there is another trendline not shown here below the lower one on the chart... meaning we could simply be dealing with another triangle formation.
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xtrade
3 years ago
I like this... 1319 seems to be the target now!
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