Hi Fishing and Beer,The harmonic Bat pattern indicates only...

Hi Fishing and Beer,

The harmonic Bat pattern indicates only temporary lows- not the final low. In this respect, I'd like to share with you the chart of the fibonacci retracements and levels that many swear by, as a matter of discussion.

From the chart of ALL the pivot lows and highs of the XJO with measured sizes, of which I show the end portion, you can see that the XJO apparently showed a retracement of its previous immediate range of either 1.5 or 2.0 before it achieved a pivot low. By sequence counting, a 2.0 retracement is indicated. If there is no sequential counting, a 1.5 low is next in line, seeing yesterday we achieved 1.3 - but all these are, as you can see, temporary low pivots.



Imho, your low point marked around "C" on your chart is a point of interest for the longer term.

Thanks for the interesting explanation.

Cheers

dascore