The GOLD Weekly - Alterate Bearish Bat Pattern.This Alternate Bearish Bat in the GOLD(XAUUSD) shown chart exemplifies the structure of the pattern. The 0.382 retracement at the midpoint (B) was the indication of an extended 1.13 XA projection as the defining harmonic resistance level 2075 of high.
The extreme BC projection effectively complemented the 1.13 XA extension to define the precise area for the pattern completion and eventual reversal. Both extensions defined the 2050 area as an excellent short-term selling opportunity.
The requirement for Alternate Bat Pattern :
The "B" point should be 0.382/0.5/0.618
The 1.13XA retracement
Minimum 2.0BC projection
at least 1.618 AB=CD
For target, I used 3 steps profit booking strategy. Let me explain to you here first and secure profit at 32.8%(1730 nearby) retracement partial holding position and next is 61.8% at 1515 nearby.
Good Luck.
Regards,
Kinnari Prajapati
