Alternate Bat

4 июл. 2018 г.

I decided to keep on some of the basic measurements I always make when finding harmonic patterns (I normally take them off because it looks messy). It looks like ETH/USD is forming a well measured bearish “alternate bat”. I am using the FIB TIME ZONES (blue vertical lines) to get an idea of where a reversal might occur (usually around a significant Fibonacci number). Another measurement is the XA retracement (horizontal lines). According to this type of pattern, the reversal zone at completion would start around the .886 retracement and could extend to 1.13 of XA. Notice how the time zones intersect with fib retracement and create an intersection of TIME and PRICE of where a reversal may occur (The reversal zones are the light green boxes). The idea of this pattern is to ride price action up to the bearish reversal zone and then go short, so according to the TIME and PRICE intersection, this should start to reverse around mid-September at $1,300ish. Price seems to be changing momentum to the upside (notice the strong bullish divergence) and significant amount of volume (notice the histogram spike on the right Y-Axis). Anyways, just thought I would explain some of my thinking process and going long @ $470 and holding until $1,300! *If my position begins to deviate too far from the expected path, I will get out.*