sell @ 17.28
Trade to invest!
hi! thanks for your question. No, this has actually nothing to do with the recent break-out. This bat pattern is based on certain Fibonacci retracements that follow each other. Point B should pass the 50% retracement of the X-A move, C should at least come into 38.2% retracement of A-B and the last one (D) is the 88.6% retracement of the X-A move and whenever price reaches it, there is a high probability it will reverse course. You can apply this to any market being currencies or stocks. Look for profits at the B point or 38.2% retracement of A to D ! :) I don't really feel comfortable much shorting stocks, so I use this pattern to exit long-positions instead. Hope this helps!