Education

# BPCL - Bullish Shark Pattern Formation (Scenarios)

BSE:BPCL   BHARAT PETROLEUM CORPORATION L
625 11
It is been observed on Daily chart that the price action is forming a harmonic ratio pattern called Bullish Shark Pattern. Now, I have shown two scenarios of the same chart where we can see retracement as per the chart measurments and pattern.

Retracement 1 (88.6%) - can been seen near 640 levels and Retracement 2 (1.13%) can be seen at 615 levels.

It is for the purpose to see how the pattern unfolds.

Incase, if you have traded Shark Pattern before, then share your experience below in order to learn from your experience.

Thanks,
bullish altshark pattern seems in process sir prz comes at 622-615. ur setup seems perfect sir
sandy1
@sandy1, Yes, well observed, it is an excellent buy at those levels. Look forward to it.
Agreed, Published on 20th Jun 2017.

DSKF16
@DSKF16, Great work, well analyzed. Thanks for sharing.
NeeteshJain
@NeeteshJain, Thanks for motivated me.
DSKF16
@DSKF16, d point should either be 88.6 or 113% for shark or alt shark pattern .99.6 that u have took seems not correct to me .if i am not wrong
sandy1
@sandy1,another criteria for Point "D" is, it should be 1.618-2.24 of BC (Mentioned in Chart) at @ 935.4 it was 1.618 (Also Known as GOLDEN RATIO).
if you calculate in respect of XA then it should be 0.886-1.13 (i.e in between 0.886 & 1.13, also mentioned). Base of HARMONIC is Fibonacci. so i think priority goes towards "GOLDEN RATIO".
NeeteshJain
@NeeteshJain, sl hit this call?
SatyamMishra
@SatyamMishra, There is no call on this one. It is just pattern formation and recognition for practice and educational purpose. I shall update the trade setup once I feel confident in entering it.
There is a channel also in daily chart, support around 635- 640.
EN English (IN)
EN English
EN English (UK)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية