The shark candlestick pattern is a new harmonic chart pattern discovered in 2011 by Scott Carney that indicates a trend reversal possibility. So far, the pattern has been proven highly accurate and can be used by traders to identify trend reversals and find successful trading opportunities.
Discovered by Scott Carney in 2011, the Shark harmonic pattern is a five-leg reversal pattern largely dependent upon the powerful 88.6% retracement level and the 113% reciprocal ratio. In addition, it has a chart formation called an Extreme Harmonic Impulse wave, which looks like the M letter for a bullish shark pattern and W for a bearish shark pattern.
As with other harmonic chart patterns, the shark harmonic candlestick formation must meet several Fibonacci ratios to be valid. It also aims to predict future price movements using previous price swings and geometric shapes.
However, Scott Carney used another method for the famous five swing harmonic pattern points. Unlike other harmonic patterns with the following swing points – X, A, B, C, and – Carney developed another method for the shark harmonic pattern using these price points – O, X, A, B, and C.
Apart from the different swing point labeling and the unique Fibonacci ratio Carney invented for the shark pattern, it is similar in structure to the Cypher pattern, the Bat pattern, and the Crab pattern.
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Discovered by Scott Carney in 2011, the Shark harmonic pattern is a five-leg reversal pattern largely dependent upon the powerful 88.6% retracement level and the 113% reciprocal ratio. In addition, it has a chart formation called an Extreme Harmonic Impulse wave, which looks like the M letter for a bullish shark pattern and W for a bearish shark pattern.
As with other harmonic chart patterns, the shark harmonic candlestick formation must meet several Fibonacci ratios to be valid. It also aims to predict future price movements using previous price swings and geometric shapes.
However, Scott Carney used another method for the famous five swing harmonic pattern points. Unlike other harmonic patterns with the following swing points – X, A, B, C, and – Carney developed another method for the shark harmonic pattern using these price points – O, X, A, B, and C.
Apart from the different swing point labeling and the unique Fibonacci ratio Carney invented for the shark pattern, it is similar in structure to the Cypher pattern, the Bat pattern, and the Crab pattern.
Likes and comments if you have questions! 🍌
Thanks!