Bullish Shark Pattern (1H) Revised measurementsThe Shark Pattern was initially released in 2011 by Scott Carney in his Patterns into Profits course.
The pattern is the primary structure that precedes a 5-0 formation. This structure is outside the typical M and W framework. It possesses a unique formation called an Extreme Harmonic Impulse Wave that retests defined support/resistance while converging in the area of the 88.6% retracement – 113% extension of XC.
In all cases, the completion point must include the powerful 88.6% support/retracement as a minimum requirement. In addition, the unique extreme Harmonic Impulse Wave employs a minimum 161.8% extension of the BC leg.
This combination with the 88.6% retracement defines a unique structure that possesses two profound harmonic measures to define the minimum level. In many cases, the price action will retest the initial starting point of the pattern and define excellent opportunities to take advantage of a market that has moved to far too fast within a limited period of time.
This pattern frequently defines excellent opportunities but these reversals are often sharp and require specific management strategies to capitalize on the phenomenon. In many situations, the price action will retest the prior support/resistance level and typically result in a limited counter trend move.
The measurements are now IMO correct. If you entered a trade on the previously published shark pattern I would advise taking full profits either immediately or at the very latest the neckline of the Head & Shoulders pattern (1H) .
The new measurements reflect the current Head & Shoulders pattern in a more logically structured manner.
