EURJPY Bullish Bat pattern: Forecasting an Upside move
已更新
Hello traders,
A number of harmonic patterns are surfacing today. Here is my analysis of a clear bullish Bat pattern spotted on the EURJPY Pair. The Bullish Bat pattern is a harmonic pattern used in technical analysis to predict potential reversal zones. The EURJPY pair has formed this pattern with the following parameters:
X = 168.022
A = 170.293
B = 168.940
C = 169.976
D = 168.302
Here's the breakdown of the Fibonacci relationships for this pattern:
AB Leg: Retraces 38.2% to 50% of the XA leg. Point B at 168.940 confirms this.
BC Leg: Retraces 38.2% to 88.6% of the AB leg. Point C at 169.976 confirms this.
CD Leg: Extends 161.8% to 261.8% of the BC leg or retraces 88.6% of the XA leg. Point D at 168.302 confirms this and is close to the 88.6% retracement of the XA leg.
In summary, the points X, A, B, C, and D fit within the Fibonacci retracement and extension levels for a Bullish Bat pattern on EURJPY. This indicates a high probability of a bullish reversal at point D (168.302), which also qualifies as a good support zone for price.
In addition, my Elliott Wave analysis suggests the pair has completed the corrective wave ABC to the downside. I'm anticipating an impulsive move to the upside towards 169.70 and 170.31. Let's watch out for confirming price action.
Cheers and happy trading.
A number of harmonic patterns are surfacing today. Here is my analysis of a clear bullish Bat pattern spotted on the EURJPY Pair. The Bullish Bat pattern is a harmonic pattern used in technical analysis to predict potential reversal zones. The EURJPY pair has formed this pattern with the following parameters:
X = 168.022
A = 170.293
B = 168.940
C = 169.976
D = 168.302
Here's the breakdown of the Fibonacci relationships for this pattern:
AB Leg: Retraces 38.2% to 50% of the XA leg. Point B at 168.940 confirms this.
BC Leg: Retraces 38.2% to 88.6% of the AB leg. Point C at 169.976 confirms this.
CD Leg: Extends 161.8% to 261.8% of the BC leg or retraces 88.6% of the XA leg. Point D at 168.302 confirms this and is close to the 88.6% retracement of the XA leg.
In summary, the points X, A, B, C, and D fit within the Fibonacci retracement and extension levels for a Bullish Bat pattern on EURJPY. This indicates a high probability of a bullish reversal at point D (168.302), which also qualifies as a good support zone for price.
In addition, my Elliott Wave analysis suggests the pair has completed the corrective wave ABC to the downside. I'm anticipating an impulsive move to the upside towards 169.70 and 170.31. Let's watch out for confirming price action.
Cheers and happy trading.
评论
1st Harmonic target hit at +60Pips.评论
UPDATE: The market provided opportunity for re-entry. 评论
UPDATE: CPI helped to complete the harmonic pattern price objectives. Waiting for the completion of Elliott wave price objective.评论
UPDATE: 1st Elliott wave price objective toughed at +137pips, and then price reversed.交易结束：到达目标
Done
相关出版物
免责声明
这些信息和出版物并不意味着也不构成TradingView提供或认可的金融、投资、交易或其它类型的建议或背书。请在使用条款阅读更多信息。