The first bat pattern has not been hit yet, but a second on is waiting to be completed.
The trend channel in the EUR-USD has been broken. A first bat pattern completion can be support for a retracement back to the channel. If it fails, there will be another bat pattern completion coming up.
We had a very strong pullback after the recent selloff followed by a large bearish outside candle. Perhaps another leg down is coming. With targets at the unfilled gaps below and a stop above the high of the outside candle we get R/ R ratios of 1.3 and 3.
There is a Bat Pattern coming up in the DIA. I expect a reversal at the .886 retracement and then another leg down. Should price build a trading range above the .886 level and before reaching it, prices will probably break through it and into the support zone.
It is perhaps a good time to short the DAX now, or at least take profits from german stocks.The DAX reached a Butterfly pattern completion area. If price reversal pattern from July 2007 should repeat itself here, it would be a good time to sell German stocks now. Perhaps there will be another good opportunity to sell in May (and then go away... :-))
Ok, something different today. If the SPY does not open totally bullish today, I am looking to short for a gap fill from 20th November close. The stop should go above the latest trading range. Depending on the opening price and opening behaviour of the SPY we have to evaluate if the risk/ reward ratio is good enough for a trade. The target would correspond with...
Bearish AB=CD terminates in confluence with bigger timeframe AB=CD pattern..
Bearish AB=CD Butterfly pattern in the GBP-AUD 4 hour chart. The momentum is very strong! So be careful, when stepping in front of the train....in order to countertrend.
Bearish AB=CD (Gartley) pattern completion ahead in the EUR-CAD 4 hour chart.
Bullish Bat pattern pattern ahead in NZD-USD 4 hour chart.
Bullish AB=CD (Gartley) pattern completion corresponding with prior resistance could result in a double bottom in the EUR-GBP 4 hour chart.
Bearish AB=CD (Gartley) pattern completion ahead in the GBP-AUD 4 hour chart just a bit under the 0.618 retracement of the XA leg. The 3rd target could perhaps run all the way to a bigger Bat pattern completion .....or perhaps not ! ;-)
Bearish Gartley and Butterfly pattern complete in the same area. USD-JPY 4 hour chart.
Bullish Cypher pattern in the EUR-GBP 4 hour chart.
Bullish Bat pattern in the EUR-CAD 4hour chart.
Bearish Gartley pattern in the USD-CAD 4 hour chart.
4 hour bullish Bat pattern in EUR-JPY ahead.
Large AB=CD pattern in the SPY weekly chart. It is corresponding with prices reach the top of a bull channel. This could be the place for the market to turn around and retrace for a time.