Bullish Shark (W)
Updated
In comparison to the other major harmonic patterns the Shark is considerably more complex to measure and as such far more difficult to identify.
Along with the Cypher, the Shark falls outside the standard M and W structure of other harmonics.
The 88.6% retracement of XC and the 161.8% - 224% extension of BC combine to form the minimum entry price for the potential reversal zone (PRZ).
The 113% retracement of XC should be considered as the Stop Loss for the PRZ.
The intial take profit level should be set to the 50% retracement of the CD leg.
Along with the Cypher, the Shark falls outside the standard M and W structure of other harmonics.
The 88.6% retracement of XC and the 161.8% - 224% extension of BC combine to form the minimum entry price for the potential reversal zone (PRZ).
The 113% retracement of XC should be considered as the Stop Loss for the PRZ.
The intial take profit level should be set to the 50% retracement of the CD leg.
Trade closed: target reached
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