Alright so what do we got? We got a bullish shark pattern on the 15min. This pattern can exceed the xa leg to the 1.13 as the bc leg needs a required 1.618 extension, which lines up around the 1.13xa which is why we expected this particular shark to hit 1.13 instead of the standard 88.6. In addition, the first profit target level was reached so because of that and it violated the trendline, we will expect this to turn into a type II harmonic pattern and retest the lows. Once price retest the lows, where the 1.13 is, we should expect it to see a rise to the second profit target level at the 61.8% retracement of the main pattern.
This pattern along with most other harmonic patterns and the type 1 type 2 information was developed and trademark by Scott Carney, harmonic trader, from harmonictrader.com
Thank you
-Jack
This pattern along with most other harmonic patterns and the type 1 type 2 information was developed and trademark by Scott Carney, harmonic trader, from harmonictrader.com
Thank you
-Jack