mcquak
Short

Playing with Bearish Bat that has been just completed.

FX:XAUUSD   Gold/U.S. Dollar
530 6 3
Bearish Bat has been just completed. PRZ was tested and oscillator reads is negatively diverged towards price action.
If the pattern holds true then first profit target is at 1303.23 (38.2% retracement of recent bullish move) and 2nd target is B point at 1269,72 ideally.
However recent bullish momentum was very strong so keeping my stop loss as tight as possible. and keep in mind that possible reversal can take couple of days (if it occurs at all).
HatZ
2 years ago
There is also a much larger bearish Cypher completing a little higher up, which incidentally co-insides with a smaller bear shark. Both on daily timeframe.

If we take the next leg down from the BAT, the one where B point is at 0.382 XA, then we can use the Alt Bat, which would have a d-point that co-insides with the Cypher and Shark.

What are your thoughts?
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mcquak HatZ
2 years ago
That's definitely possible. I believe that for price to get higher we need some retracement first. So I'd take this bearish bat as some sort of support for possible completion of Cypher at 1379.1 which also confluences with upper pitchfork channel boundary (upper magenta line on my chart).
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nihal.bhat.7
2 years ago
its at a critical junction. its had almost 2 months continuous up of over $150 which is all purely speculation
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mcquak
2 years ago
We can see also nice ABCD pattern
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mcquak
2 years ago
ABCD can be identify in green color ->
snapshot
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mustard
2 years ago
For now, I favor a continuation in the uptrend in a 3-drives move, targeting 1411.43, the 1.272 extension of the previous Oct-Dec 2013 swing down.
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