The Bat Pattern is a 5-point retracement structure that was discovered by Scott Carney in 2001. It has specific Fibonacci measurements for each point within its structure and it's important to note that D is not a point, but rather a zone in which price is likely to reverse, called the Potential Reversal Zone (PRZ). The B point retracement of the primary XA leg must be less than a 0.618, preferably a 0.50 or 0.382 and the PRZ consists of 3 converging harmonic levels: 1) 0.886 retracement of the primary XA leg, 2) extended AB=CD pattern, usually 1.27 AB=CD and 3) minimum BC projection is 1.618.
The first target would be the 382 retracement of AD and the second target the 618 retracement of AD. The stop would go behind the X-point. Conservative traders look for additional confirmation. Bat Patterns can be bearish and bullish. TradingView has a smart XABCD Pattern
drawing tool that allows users to visually identify 5-point reversal structures on the chart.