Possible AB=CD on the 4H EURUSD

Any thoughts on a possible AB=CD forming here? Overall, we are thinking short as well due to the Bullish Butterfly that has been mentioned several times already, but are concerned at this AB=CD formation, as it may nullify the butterfly.

If this formation does proceed, I am confident our resistance at 1.18600 will hold, at which point we will be shorting again.