Harmonic Trading - Bullish Butterfly
A bullish butterfly bounced from the potential reversal zone (fib confluence and ABCD). Partial profits should be secured at ~1800 (38.2% retracement of A-D) and ~1860 (%61.8 retracement of A-D). Profit targets can take 1 to 2 weeks to reach, since this pattern formed on the 4H/D timeframe. A move below $1700 an ounce invalidates this pattern.
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We're in the buy zone, but one more leg down to 1680 is a possibility, especially considering NFP volatility. A short/hedge on weakness is my plan if 1700 doesn't hold. The 1.272 ABCD completes at ~1680. Below that I will take a loss.
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