GOLD - BAT PATTERN

10 Ağu 2017

after after hitting that 88.6% ratio and confirmed as strong support, I knew the price was completing a Bat Pattern. even though the pullback tested the 78.6% fib ratio, I saw the price is stalling on the 88.6% ratio & I said its time to go long. Of course whenever you see the 78.6% fib retracement and the A point is not busted what comes to mind is a Butterfly Pattern, therefore my original target was at 127.2 fib ext. :) Of course the 78.6% fib retracement was too deep to anticipate a Bullish Bat Pattern. So see the price playing around the 88.6% ratio confirm a bat pattern. :)

Bat Pattern: Fib retracement 61.8% - D point = 88.6%
Alt Bat Pattern: Fib retracement 38.2% - D point = 113%

Enjoy the rest of the day. :)