Play Down AUDJPY to Bat Pattern Completion
Updated
Identify:
Predict:
Let's see then how this plays.
- Price Action has made new structure low (NSL)
- Price Action looks to be retracing back to structure @ 86.25
- Possible Bearish 3 Drive Pattern with completion @ 83.76
- Bullish Bat Pattern forming with completion @ 83.50
- 1.618 Fib Extension of second leg in 3 Drive pattern matches with 3 Drive pattern completion
- Harmonic Patterns complete within structural level (blue zone)
Predict:
- Price Action Reversal within the highlighted green zone
- Continuation of Bearish play down to 1.618 extension and completion of bat pattern
- Upon Bat Pattern Completion, the next stop could structure near 85.5
Let's see then how this plays.
Note
Price action has reached the 0.382 retracement and the limit of the reversal zone. If this is violated, then the next possible reversal zone if bearish sentiment is assumed will be at the 0.618 retracement and the structural level around it.
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