Per Scott Carney at Harmonic Trader
Quick reversals from Bat pattern PRZs are quite common. In fact, valid reversals from Bat patterns frequently possess price action that is quite extreme. The pattern incorporates the powerful 0.886XA retracement, as the defining element in the Potential Reversal Zone (PRZ). The B point retracement must be less than a 0.618, preferably a 0.50 or 0.382 of the XA leg. The most ideal B point alignment is the 50% retracement of the XA leg.
TOTALThe Bat utilizes a BC projection that is at least 1.618. The BC projection can be as much as 2.618. However, the most ideal BC projections in a Bat pattern are a 1.618 or a 2.0Note
There's wrong and then there is whatever I was here. Bat Pattern failed (it wasn't a bat it was a crab) and didnt take long for that to get outta hand.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.