Our last call was Long GBPUSD and we have reached our second target.
GBPUSD ended the week at 1.28840. A Bearish Alt Bat on M30 chart indicating a small retracement. If the pair break below 1.2878, we may see the price testing 1.2863 and 1.28550.
The Overview of the bigger charts:
Our last call was Long GBPUSD and we...
BANKNIFTY price action shows AltBat pattern completion at 113% extension.
Looking for a minimum of 38.2% retracement.
If price falls further from 38.2%, next targets to consider are 50% & 61.8%.
61.8% retracement target comes at a previous support level.
Major Head & Shoulders is in formation for Right Shoulder to be completed at 0.618 of the entire bullish impulse, which is also retracement 0.382 of the Deep Bat Pattern (Alternate Bat)
Alternate Bat Pattern confirmations:
- A-B must touch 0.5, but cannot touch 0.618
- B-C must touch 0.618, but cannot exceed A (FIbo A-B) or just keep an eye on that 0.236