ETHUSD Bat Type-I Reaction

BITFINEX:ETHUSD   Ethereum / U.S. Dollar
The initIal test of the Bearish Bat has now hit the Type-I 38.2% reactive target.
The 4HR now has a Bullish AB=CD at the 38.2% level defining support @ 285.
This sharp reaction - an effective 30% high to low - suggests that short-term swings are clearest on 4hr timeframes.
The Bearish Bat that I have mentioned over the past month served as a clear target to define the upside resistance.
The initial trading opportunity of that pattern is now over, and it may only be a reaction versus a reversal.
Keep an eye on this immediate pattern objective and monitor the price action after the 38.2% target retracement has been reached.
In this case, the sharp drop without follow through marks the end of the "natural harmonic reaction" and begins the Type-II retest.
The minimum AB=CD at or just under the 285 level is the area to look for the minimum retest of the Bearish Bat PRZ at 380....then we will really see.
Scott Carney


So you suspect it will retrace back to low 230
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