The Shark pattern is unique among all the other harmonic patterns in that it is both a "class 2" pattern where the "C" point (in the case of a Shark pattern, the "A" point is the "X" point) actually exceeds the A point AND it is also an extension pattern where the ending point is beyond the origination point of the pattern. In the case of the Shark, it is 1.13%. Have to mention that orginally shark patterns are labeled differently ( "X" point=0, "A"=X, ""B"=A and so on), but that's not that important. Works extremely well retesting prior support/resistance points (0.886/1.13) as a strong counter-trend reaction. Represents a temporary extreme structure that seeks to capitalize on the extended nature of the Extreme Harmonic Impulse Wave.
Intresting fact about shark pattern is that there is not any ratio requirement for the mid-point (B in my picture). C point is usually 1.13-1.618% extension of XA; D point is usually 1.618-2.24% extension of AB; D point also is 0.886-1.13% extension of XA ( Can be considered complete by the minimum of 0.886!
Mate, you are a STAR..... Brilliant Brilliant Brilliant.
mukkarramali
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Very informative post. Thanks.... Will be eyeing for this trade, looks extremely promising if it reaches reversal zone. Thanks again for sharing the opportunity..
FX_Twist
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Thank's mate for kind words. I usually don't trade shark's, but let's see how it will go. I believe we will re-test support at 1.1076 and then head higher, but you never know in forex. Every moment is unique !
mukkarramali
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Yep true. I got this feeling, the way it head will depend on the coming news events till 1:30 UK time afterwhich a direction will most likely be set.