AUD/CAD completed an alternative bearish bat pattern
Comments
Lord1
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It dropped.
Swerver
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Hi,
Just to note on the ALT BAT, your B point needs to be 38.2 or below as by Scotts ruleset. - quoting harmonic trader The B point retracement must be a 0.382 retracement or less of the XA leg. The Alternate Bat utilizes a minimum 2.0BC projection. In addition, the AB=CD pattern within the Alternate Bat is always extended and usually requires a 1.618 AB=CD calculation.
It looks like you have chosen the start of the impulse X so your harmonic fits this scenario, when there is a BAT already present using the structure high.
Analyzing the current pattern, the TBAR has closed above the XAD, BCD and AB=CD.
Due to this there is no trade here just yet as the TBAR skipped through the PRZ, this generally means a continuation..