we can see 2 bat patterns on the 4h timeframe:
1) the first one close quite above the 1,272 fib level ( considering trend harmonics) so this might nog be so significant, though I believe we will see a little drawback in the red square
2) the second one closes right at the 0,886 fib level of the freefall in ...
looking at previous Price range, we can see it has broken the channel and is now heading for a retest of that level ( blue line). Because we're in a long term bullish trend, chances are we will see a bounce at that level, as we will also have a finished bullish gartley pattern and a AB=CD if we would continue a ...
Although the main trend is definitely bullish, this might be a good area to look for sell opportunity on short term
Reasoning behind importance:
- ABCD extension
- fib confluence
- strong structure level
Future may give additional clues, or show the insignificance of the area. but as for now, it does'nt hurt to ...
Bat pattern on 1h is almost near completion
why I find it interesting:
- bullish bat pattern completion
- fib confluence ( 1,618)
- structure ( green lines)
- almost reached LT low ( on 1h TF terms)
- fundamentals do as expected
as usual, 2 targets: 0,382 and 0,618
Let me know your thoughts!
Being in this chanel for some time now, having a nice Bat setup that's now completed. stop loss at channel level.
first target at 0,382, which also just above structure, second target could be placed at 0,618.
By any means, I think this is a nice set up. Let me know what you think!
yellow area shows possible area of reversal, indicating short opportunity.
bat completion at 1,618
fib confluence ( extensions and inversions)
structure (resistance levels), the 2 highest levels are waiting for their 3th hit
SL should be placed above structure level, preferable ...