NeeteshJain
Education

BPCL - Bullish Shark Pattern Formation (Scenarios)

BSE:BPCL   BHARAT PETROLEUM CORPORATION L
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
+1 Reply
@sandy1, Yes, well observed, it is an excellent buy at those levels. Look forward to it.
Reply
Agreed, Published on 20th Jun 2017.
Link here.


+1 Reply
@DSKF16, Great work, well analyzed. Thanks for sharing.
Reply
DSKF16 NeeteshJain
@NeeteshJain, Thanks for motivated me.
Reply
sandy1 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
Reply
DSKF16 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".
Reply
SatyamMishra NeeteshJain
@NeeteshJain, sl hit this call?
Reply
NeeteshJain 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.
Reply
There is a channel also in daily chart, support around 635- 640.
Reply
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