NZD/CADShort
NZD/CAD
A Bearish Bat is a harmonic pattern used in technical analysis to identify potential reversal points in a financial market. It is based on Fibonacci retracement levels and consists of four price swings, creating a specific geometric shape that resembles a bat. Here's a breakdown of the pattern:
XA: The initial price move up.
AB: The retracement of the XA move, typically between 38.2% to 50% of the XA leg.
BC: The retracement of the AB move, typically between 38.2% to 88.6% of the AB leg.
CD: The final move, which is an extension of the BC move and should be between 161.8% to 261.8% of the BC leg, or a retracement of 88.6% of the XA leg.
The Bearish Bat pattern indicates a potential reversal from an uptrend to a downtrend. Traders often look for the pattern to complete at the D point, where they might consider entering a short position.
XA: The initial price move up.
AB: The retracement of the XA move, typically between 38.2% to 50% of the XA leg.
BC: The retracement of the AB move, typically between 38.2% to 88.6% of the AB leg.
CD: The final move, which is an extension of the BC move and should be between 161.8% to 261.8% of the BC leg, or a retracement of 88.6% of the XA leg.
The Bearish Bat pattern indicates a potential reversal from an uptrend to a downtrend. Traders often look for the pattern to complete at the D point, where they might consider entering a short position.
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