Bullish Bat playing out as seen in chart. Bullish Bat paterns are considered either a "Continuation Patern" or a "Reversal Pattern".
Generally, if a bullish bat retraces 50% of the X:A line after the break out from point D it more likely tends to be a continuation pattern and price continues to increase. The continuation pattern odds of playing out increases the higher it climbs above the 50% fib retracement of line X:A.
If price breaks down before the 50% fib retracement of line X:A. Than the odds of "Reversal Pattern" increase.
Here overall trend is up with a small pullback currently playing out. Because the price DID hit the .50 fib retracement- I believe the price goes higher from here... tell me what you think....
Generally, if a bullish bat retraces 50% of the X:A line after the break out from point D it more likely tends to be a continuation pattern and price continues to increase. The continuation pattern odds of playing out increases the higher it climbs above the 50% fib retracement of line X:A.
If price breaks down before the 50% fib retracement of line X:A. Than the odds of "Reversal Pattern" increase.
Here overall trend is up with a small pullback currently playing out. Because the price DID hit the .50 fib retracement- I believe the price goes higher from here... tell me what you think....