glad someone pointed this out to me in chat with regards to my previous idea and although were wrong about the B leg which fell perfectly at the 0.5 retracement from X to A (marked in yellow), I discovered that I started this bullish bat further back than I realized that my C leg disqualified the bearish bat pattern to 44k
A fib retracement from A to B and C leg can fall between 0.382 to 0.886 in order to be valid, in this case it falls at the 0.382 (marked in yellow)
The D leg can be found from drawing a fib retracement from A - X and D will fall squarely on the 0.886 which I have here, (again marked in yellow)
Again, MMs are notorious for not completing D as I have witnessed many times, why give everyone free money on something that plays out correctly but every once in a while they ignore a setup here and there.
The result is actually still the same more or less but I am slowly seeing VAH start to come down to match D at around $44,503. secretly I had hoped higher but you never know, anyway, here is an updated version.
I'm going to let both this and the previous idea run, I figure why not be wrong twice.
I SERIOUSLY didn't want to leave these fibs up cuz I totally hate messy charts, like OCD hate them but whatever, crossing my Ts and dotting the i this time, and yeah I know I shoulda double checked before posting the first one but faceplant is what I do best
so long, stay safe
A fib retracement from A to B and C leg can fall between 0.382 to 0.886 in order to be valid, in this case it falls at the 0.382 (marked in yellow)
The D leg can be found from drawing a fib retracement from A - X and D will fall squarely on the 0.886 which I have here, (again marked in yellow)
Again, MMs are notorious for not completing D as I have witnessed many times, why give everyone free money on something that plays out correctly but every once in a while they ignore a setup here and there.
The result is actually still the same more or less but I am slowly seeing VAH start to come down to match D at around $44,503. secretly I had hoped higher but you never know, anyway, here is an updated version.
I'm going to let both this and the previous idea run, I figure why not be wrong twice.
I SERIOUSLY didn't want to leave these fibs up cuz I totally hate messy charts, like OCD hate them but whatever, crossing my Ts and dotting the i this time, and yeah I know I shoulda double checked before posting the first one but faceplant is what I do best
so long, stay safe
Trade closed: target reached:
okay, i thought this would take longer but after cleaning this up a little and removing unnecessary fib levels for clearer viewing, a completion of a bearish bat, on the weekly timeline
with a 4day MTF RSI at 85 I am seeing bearish divergence but this doesn't necessarily mean a reversal as assets can typically stay overcooked for weeks, in other words be careful shorting
note in the image above that a tap of the VAH and LVNs at this level typically offer resistance but again, with this type of movement, a reversal to target levels may not happen as we could build value in this area of inefficiency and blast off. Be safe and happy trading.
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Trade closed manually:
closing manually
Trade closed: stop reached
Trade closed: target reached
Trade closed: stop reached
Trade closed manually