The perfect butterfly is defined by the .786 retracement of move A B with respect to move X A.
B C is .886 of move AB
C D is 1.27 extension of XA although a 1.618 extension of XA is possible and would take to previous high structure.
Some good potential pips to be gained here
Good luck and please, if you agree hit that agree button to let me know
Currently consolidating after its impulse move break so could well be one to watch, we have some structure at point D to strengthen the case. Look for short positions at point D as always stop above point X
Would like to hear others opinions on this as I am still very much an amateur at this game.
Will be keeping an eye on this pair as we have the potential for a reversal if the trend line from 2009 holds, divergences so far strengthening the bull case in my opinion. Will be looking for further buy signals.
Thank you for looking and any input appreciated.