The Bullish Butterfly!

From what I just read, the following is a Bullish Butterfly of the Euro/Ozzie...I have always been a support/resistance trader, but since I started this Forex account in December, I am learning about patterns (setups) just like the way Candlesticks work...which I have been using for over 25 years.

I recreated the chart that I found of the pair so that I could understand it better, as I like the concept behind this analysts strategy (I love Fibonacci.) So I will make the trade if I can get confirmation from any other indicator:



Here is what he says:

141.4% Fibonacci extension of XA.

161.8% Fibonacci extension of BC.

AB=CD.

Double bottom on 8hr Chart.

If RSI falls below 30.

We will look to buy the EUR/AUD at 1.9087 with our stop placed at 1.9013. Our initial profit targets are 1.9207 (38.2% of CD) and 1.9297 (61.8% of CD). Trade will be cancelled if there is a gap down to open the market on Sunday night.

The following trade triangle chart is still showing a down arrow. But, judging by the support line dating back to the first part of January, we could get an up triangle issued, which would make the above technical analyst correct. (It must be noted that the Euro spot does not look good at all. If the RSI breaks below 50 (on the Euro spot,) I won't go long any Euro any pair anyway.)