The Alternate Bat pattern is a precise harmonic pattern. The pattern incorporates the 1.13 X to A retracement, as the defining element in the Potential Reversal Zone (PRZ). The B point retracement must be a 0.382 retracement or less of the X to A leg. The Alternate Bat utilizes a minimum 2.0 B to C projection. In addition, the AB=CD pattern within the Alternate...
Potential bat pattern setup in the EURNZD.
It will need some time to get to the PRZ and completion point.
When and if PRZ reaches, watch price-action closely to enter a short position after the confirmation candle.
(!) The confirmation candle is the candle that has a close in the PRZ and has wicks covering the low and the high of the PRZ.
AUDCAD is having some trouble with the bears. Nothing to worry about because being in a trend can give some very profitable opportunities.
Like this one if it continues to move downward. We all don't know if it's gonna happen but we can get a high probability out of it.
Having a flag pattern or a pendant formation gives you enough information that there's a...