Hey guys, here is a potential btfly sell -1.618 is in agreement with 38.2 @1.3606[\QUOTE]
No offence but shouldn't the XA leg as far as price action is concerned be more vertical and less flat?
At times, seeing some of the posts around here I get the distinct impression that people see patterns where there are none. And didn't Sive write recently that butterfly occur at tops/bottoms and mark a potential turning point? So on your chart, where is the market? At a top or bottom, or neither? But the first question really is: Is this really a butterfly?
We say the appear at top or bottoms because they are reversal patterns. I would prefer more time harmony on XA leg, but it cuold be a Look-a-like and it's good to be aware of it. Also the important thing is being aware of the possible agreement of 1.27 or 1.618 extension with some resistance levels, then, if they do agree, it could work pretty well even looking as ugly as it does =) , jjust like ugly women and alcohol,lol .