So then, if it's not a what is it. Anything? ... here's where I'll get a little - ambiguous.
The discovered by Scott Carney in 2011 is one of the newest advanced patterns, and is said to be an emerging pattern. It also happens to look a lot like a .
I've never attempted to chart or trade the until now, so allow me some room for error but here is my understanding of the requirements:
• Different from the M-type and W-type alignments in
the other patterns but the same Trading principles apply.
• Comprised of two independent price segments –
1. Failed Impulse Wave
2. Extreme Impulse Wave
• The Pattern is dependent upon the powerful
and the 113% Reciprocal Ratio.
• Represents a temporary extreme structure that seeks to
capitalize on the extended nature of the Extreme Impulse Wave.
• Demands immediate change in price action character immediately following pattern completion.
• Extreme Impulse Wave utilized depends upon location of 88.6% level
– these are minimum requirements.
reversal is expected. Targets are .382 and .618 as listed on the chart. Stops would be above 'X' or above the 1.13 extension of X'A'.
Here is more information on the pattern: http://harmonictrader.com/sharkpdf.pdf
...and here is information on the pattern: http://www.harmonictrader.com/The5-0Pattern.pdf
Right now I have no measure for how successful they are with btc, but I am starting to identify them better... this one is likely to fail as well :p