GPB/AUD: Possible bearish butterflies, very early stage...
Still very premature but I want to look at possible options for when the triangle breaks!
This is a less likely scenario imo but if we break up and get above the B point of the possible butterflies this would give us an excellent opportunity to short this pair.
Possible targets could be taken quite optimistically since we could be on our way to the lower channel boundary of that "up" channel on higher timeframes!
Be aware of the fact that depending on where you draw C, and because B is not quite at the 0.786 level, we could also be looking at possible shark patterns with completion of D well below these butterfly D's, namely @ 0.886 or 1.13 of XA...
So this is in fact the perfect scenario here, trying to pick the top before a possible massive decline... And we know how often we succeed in doing that...! So very hypothetical this one but still worth considering for me...
If PA falls below one of the possible C's or below A this idea will be invalidated!
This is a less likely scenario imo but if we break up and get above the B point of the possible butterflies this would give us an excellent opportunity to short this pair.
Possible targets could be taken quite optimistically since we could be on our way to the lower channel boundary of that "up" channel on higher timeframes!
Be aware of the fact that depending on where you draw C, and because B is not quite at the 0.786 level, we could also be looking at possible shark patterns with completion of D well below these butterfly D's, namely @ 0.886 or 1.13 of XA...
So this is in fact the perfect scenario here, trying to pick the top before a possible massive decline... And we know how often we succeed in doing that...! So very hypothetical this one but still worth considering for me...
If PA falls below one of the possible C's or below A this idea will be invalidated!
