On daily time frame we have a bearish butterfly with convergences XA/127.2 and BC/161.8 fibonacci levels and price is also trapped in a large triangle with the top of the triangle serving as current resistance which is where we hope to enter the trade. So let's look at a lower time frame for entry.
4hr Time frame:
Here we see two bearish patterns forming which confirms our bearish intention on this particular trade. First we see a bearish crown forming with possible entry at 82.63. We also have a bearish "Jumbo" Gartley forming too with our entry at "D?" converging with "RT?"
Entry - 82.50, Stop - 83.05, Tgt 1 - 81.95 and Tgt 2 - 81.20.
*RISK ONLY 1% ON THIS TRADE. THANKS.
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