After the Bat pattern completion that rolled over for at least T1, a large wedge is forming at the moment. It's going to break out, the question is, in what direction?
If we take the last move up and measure out a potential AB=CD pattern, we end up around $800. If it's going to break down, It's likely we will get a retest of the low structure level of the wedge around $550.
Comments
kakola
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But since that XA retracement was 0.046 above the Bat rules, does that not make it a bat anymore?
Aqua-Life
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B has to at least hit 50% and it may not hit the 61,8% retracement.
That's not how I trade it. Besides that, those picturese are way to vague. Can it close above 50%? or doest it only have to touch 50% according to that picture? If you check the cypher pattern on google for instance, you will likely find the wrong fib. levels to use.
kakola
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Well I might be doing this wrong then. May I ask for a good source of harmonic pattern explanations?
Aqua-Life
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Check out youtube channels of Akil Stoks and/or Jason Stapleton. Best educators I know. Toke some courses at Trade Empowered from them.