GBP/USD: Weekly bat early stage, up wave coming?
In case we get a reversal from the Quasimodo pattern and/or AB=CD pattern; or from a smaller timeframe bullish bat lower down (see linked idea), or from one of the possible support zones we could get a significant up rally to completion of this bearish bat.
The bat is very early stage and might never complete but since I'm looking for a bullish reversal based on my previous daily timeframe idea, this pattern could signal that the next wave up might be BIG!
In case the bat comes to completion the trades on chart could give us good short profit opportunities!
If we go below this bat's A point then the bat will be invalidated and I will be looking for shorts to complete a possible harmonic move down (50% ret., 200% ext.) after a possible re-test of S/R.
The bat is very early stage and might never complete but since I'm looking for a bullish reversal based on my previous daily timeframe idea, this pattern could signal that the next wave up might be BIG!
In case the bat comes to completion the trades on chart could give us good short profit opportunities!
If we go below this bat's A point then the bat will be invalidated and I will be looking for shorts to complete a possible harmonic move down (50% ret., 200% ext.) after a possible re-test of S/R.
Comment:
Long trade setup on the daily:
Comment:
Up wave could have started!!
