The butterfly short set up I posted on Friday was triggered that day. The chart below outlines one approach to trading strategy

I haven't repeated details of how this set up works here. If you're interested, you can review this and comments on the entry level via the link below

The initial stop is hard above the peak at D. This could be moved to the entry price once the first profit objective is hit.

The profit objectives splits the position into thirds. One third is bought back on a test of the A/C support zone.

The second third is bought at a Fib cluster zone that assumes the downtrend will terminate as a correction of O/D. This cluster assumes a 61.8% retracement of OD and that the swing down from D will be 127% of the distance of the A to D rally. This is known as an expansion or external retracement & the Tracker fib tool has been used to project this.

A target for the final tranche of the position is set assuming a resumption of the major downtrend takes us to a level below "O". If we get that far or there are further opportunities to move the stop using this approach, I'll post a follow up