has completed a bullish shark
pattern at the 50% retracement
of the larger AB leg. The bullish shark
reversal zone is confluent with a number of important levels. Two unhit daily pivots
sit above price and may help push it upward. Since AB retraced 61.8% of XA, it is not uncommon to see BC
retrace the same amount with respect to AB. For this reason, I have placed the SL outside of the .618AB area but I do not consider it part of the potential reversal zone. Targets are placed at .382 and .618 retracements of CD.
Confluence in the PRZ:
1. Bearish shark
2. .5AB Retracement
4. 1.618bc projection
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