Ontology Gas (ONG) has formed bullish Butterfly pattern and entered in potential reversal zone and ready for bullish reversal soon. At this time the price action is moving above the PRZ level so we can wait for the price action for some correction and try to catch it from within the potential reversal zone.

This potential reversal zone should be used as stop loss in case of complete candle stick closes below this zone.

Lets have a look on the dimensions of ONG priceline's move:

After initial leg (X to A) the A to B leg is retraced between 0.618 to 0.786 Fibonacci and then B to C leg is projected between 0.382 to 0.886 of A to B leg's Fibonacci projection and final (C to D) leg is retraced between 1.27 to 1.618 Fibonacci as perfectly required for bullish Butterfly pattern now we can expect bullish move at any time which will lead the price action between 0.382 to 0.786 Fibonacci projection of A to D leg, but after this bullish divergence if the candles sticks will be closed above the 0.786 Fibonacci levels then it can also lead to the long term bull move.

As per Fibonacci sequence method we can set our targets as below for mid term trade:

Buy between: $0.0869 to $0.0542

Sell between: $0.1123 to $0.1743

So this long term trade has potential to produce upto 221% very big bullish move.

Regards,

Atif Akbar (moon333)

The harmonic moves analysis involves hours of hard work and determination however the success of harmonic trading in fiat and cryptocurrencies is around 80% therefore it is always important that you follow any stop loss strategy while trading harmonic patterns I have also shared a stop loss idea in this article, the information in this article is for educational purpose only this is not intended to be investment advice, I have tried my best to catch the harmonic moves as per predefined classical harmonic bullish Butterfly pattern if you find any flaw or you have any suggestion feel free to share with me in comments section.