Bearish Shark + Bat on AUDJPY

There are two Bearish harmonic patterns seen on this chart. The first (shown in purple) is a bearish shark pattern and the second (shown in green) is a bearish bat pattern. Both patterns complete at a structural level (93.996, red dashed line). By having two different harmonic patterns completing at the same level and that level being a structure increases the chances that we will see a potential reversal in this area.

Potential targets include the 0.382 retracement that perfectly matches previous structure (blue dashed line) and the second target is below the 0.618 retracement. The reason for this is because at the 'C' point in the Bat pattern and 'A' point in the Shark pattern forms a support level, making it an excellent target.

Trade wisely, Trade responsibly.

Constructive Comments & Suggestions are welcomed.

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