At left side we can se half a pattern, which I published After Butterfly Pattern price went bullish and until I saw some divergence in MACD I planned a trade, we can see how it's up trend on chart, but down trend on MACD. Right away I managed to find a pullback, I measured bearish impulse by placing 0.236 below pullback and got exactly 0.618 at top, perfect retracement for a sell to -0.618. We can see how this entire consolidation is an Ending Channel -5 points (Not that clear like an Ending Diagonal) - respecting trendlines - 0-1 same distance as 4-5 - take profits around 0.786 - 0.886 area after to much consolidation there's always a clear impulse with this type of patterns (Ending Channel and Ending Diagonal) Price retraced exactly at 0.886 and at this point I saw this Bat Pattern - A-B must touch 0.5, but cannot touch 0.618 - B-C must touch 0.618, but cannot exceed A (FIbo A-B) or just keep an eye on that 0.236 - D completion at 0.886 (Fibo X-A) - take profits at 0.382 and 0.618 (Fibo A-D) I expect price to complete this Bat Pattern for bearish continuation. Good Trading.
Komen
⋅
Bat Pattern in 1h Chart formed a bearish Elliott impulse between A-B, as we know after an Elliott Impulse there's certain consolidacion before further movement, so I measured bearish impulse by placing 0.236 below consolidation and got exactly 0.618 as higher high for a perfect sell towards -0.27, which is around 0.886 retracement for D completion. I expect price to go bullish at this point, fibonacci measurements have been modified with two take profits (on chart) Good Trading.
Komen
⋅
Bearish impulse has been completed by reaching 1.618 Good Trading. - 4h Chart