Special Consultant to the FPA
Well, when I've drawn the butterfly yesterday, I didn't know that it definitely will take place. If market, for expample continues it's move to the upside, there was no butterfly. I've drawn it, because the previous price action tells that It could be. Not it has to be, but just could be...Hello,
Sive, I think he didn't ask about the targets of the butterfly but how do you spot a possible butterfly forming. For example, it's easy for me to look at it now and say oh, look there was the butterfly, it's so obvious, how didn't I see that. But yesterday, you showed us the possible butterfly even BEFORE it happened completely - the right wing wasn't completely formed and you predicted it correctly - that is the mistery to us .
That was somewhat violent move down in last 2 hours, doesn't look like a retracement, bearish engulfing on 3hr chart, can we call it W&R on 10-15min chart?
2. Yes, I think we may treat it as W&R. but be carefull - it could be just BC leg in deeper retracement...