EURNZD Potential Bearish Bat
Bat patterns need:
.382 or .500 XB leg (we have a .382)
.382 or .886 AC leg (we're just shy of .886)
1.618 or 2.618 BD leg (we're just shy of 2.618)
.886 XD leg
This looks like a bat pattern to me. Since XA is a .382 retracement and we have a strong bearish trend, I think the .618 is a good TP1 and the 1.272 is a good TP2. Stops above X.
.382 or .500 XB leg (we have a .382)
.382 or .886 AC leg (we're just shy of .886)
1.618 or 2.618 BD leg (we're just shy of 2.618)
.886 XD leg
This looks like a bat pattern to me. Since XA is a .382 retracement and we have a strong bearish trend, I think the .618 is a good TP1 and the 1.272 is a good TP2. Stops above X.
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