Today, we have a look at the EUR/GPB on the 4h chart. It seems as though a BEARISH BAT pattern is beginning to form.
The valid measurement for a bat pattern are as follows:
B: 0.382 - 0.5 ----> (0.416)
C: 0.382 - 0.886 ----> (0.7)
D: 1.618 - 2.618 ----> (2.609)
X to D: 0.886 ----> (0.886)
This pattern has formed after breaking out of the ascending channel that started in the beginning September.
Further evidence for the upcoming reversal is supported by the RESISTANCE zone at 0.8700
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
This is also looking like the rest of right shoulder forming from @lewisglasgow 's HEAD & SHOULDERS pattern on:
vvv EUR/GBP - Extended Pattern vvv
^^^A further play off of @lewisglasgow 's idea:^^^
After the BEARISH BAT pattern completes, we can look for the price to drop short term to the 0.86000 level... There seems to be some support at the level...(Referring to Lewis's BEARISH BAT pattern on his idea referenced above)^^^
IF the price breaks the 0.86000 support level, we can look for the rest of the right should to form and possibly dropping to the 0.84000 level
Any comments or suggestions are always welcome. Let me know what everyone thinks!
The valid measurement for a bat pattern are as follows:
B: 0.382 - 0.5 ----> (0.416)
C: 0.382 - 0.886 ----> (0.7)
D: 1.618 - 2.618 ----> (2.609)
X to D: 0.886 ----> (0.886)
This pattern has formed after breaking out of the ascending channel that started in the beginning September.
Further evidence for the upcoming reversal is supported by the RESISTANCE zone at 0.8700
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
This is also looking like the rest of right shoulder forming from @lewisglasgow 's HEAD & SHOULDERS pattern on:
vvv EUR/GBP - Extended Pattern vvv
^^^A further play off of @lewisglasgow 's idea:^^^
After the BEARISH BAT pattern completes, we can look for the price to drop short term to the 0.86000 level... There seems to be some support at the level...(Referring to Lewis's BEARISH BAT pattern on his idea referenced above)^^^
IF the price breaks the 0.86000 support level, we can look for the rest of the right should to form and possibly dropping to the 0.84000 level
Any comments or suggestions are always welcome. Let me know what everyone thinks!