The Shark pattern is a distinct 5-point reversal structure that was discovered by Scott Carney in 2011. It is similar to the Bat Pattern, except for the C point exceeding the BC leg. It can point to a strong counter-trend move. The potential Reversal Zone (PRZ) is defined by the following harmonic levels: the 0.886 retracement of initial leg and the 1.13 reciprocal ratio of the initial leg. Targets can be various retracements of the CD leg, all the way up to C itself. There are different methods of determining where the stop would go. Some put it beyond the next structure level after the D point, others choose the 1.41 extension of XA.
Conservative traders look for additional confirmation before entering a trade based on an indicator value, a specific candlestick pointing at a reversal or confluence with other methods. The Shark pattern can be either bullish or bearish. It is as effective as other harmonic patterns and a common variation on trading this pattern is to trade the last leg to completion. TradingView has a smart drawing tool that allows users to visually identify this price pattern on a chart.
UPCOMING SHORT IN TVS MOTORS
BEARISH SHARK PATTERN
SELL at 580
TGT 1 571 T2 567
5-6 days time frame (after the trade is active)
FOR MORE CHARTS FOLLOW
t.me
Bearish Shark Pattern is being formed on the daily chart of RBL Bank . Leg XA, AB & BC is already formed and leg CD is in formation. expecting to move towards 670 level , before start of downward movement.
Please add comments if you like the analysis.
Declaimer : it is for education purpose only.
18:11 Hrs 13th June 2018
Last Price@308.90
Let's have some up & down ride.
Look for a push upside to 320-325 zone where CD leg of the bearish shark completes once done & if Nifty Index is slippery -can't hold 10850's look to sell from 320- 325 zone once it starts falling below 320. Enjoy The Motors Ride & Do let me know your experience.
Trading Strategy ...
Tata Global has been punished for its latest performance. It now may be time to go long.
Take a look at the various time frames in the charts...
Traded long ~ 242 (futures price)
Last Price@246
Good Morning!
Bullish Shark Harmonic Pattern. Safe Traders can jump once it starts moving above 250 for 255 & above 255 for 262
Next Resistance between 263 - 266 - "If" it stops then change the camp & enjoy the fall.
As suggested in the previous idea of Axis Bank - an update was mentioned about Tata Motors that we are looking for a upside push from 350 to 357 - Look Motors has turned close by from 357 (Actual-358.40) like a block hole delivery & taking the wicket.
Axis Bank Selling with bearish ...
Looking for weakness below 530-533 zone with shark harmonic structure having strict stops above 537 - We shall look for targets 515 -506 & 500 lows in 2-3 days trading session.
Trade probability shall be better, if it holds below 530-533 zone
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