Wow this is huge, we have USD/CAD on a 1h chart with a picture perfect bullish shark pattern. We've got a lot of analysis to cover in this post so please read it all!
The measurements for a valid shark are detailed below.
C: 1.13 - 1.618
D: 1.618 - 2.24
Final X to D: 0.886 - 1.13
I'll be expecting price to stall out around our D point, completing our pattern then a sharp move to the upside. This harmonic pattern looks extremely powerful when you take into consideration the 4h chart shown below.
We are currently trading within a range which could have been a triple bottom or bullish three drives pattern, the measurements are not valid for either but this chart provides an outlook on future price movement. This has major potential to push further than 300 pips from entry with an excellent risk:reward.
The measurements for a valid shark are detailed below.
C: 1.13 - 1.618
D: 1.618 - 2.24
Final X to D: 0.886 - 1.13
I'll be expecting price to stall out around our D point, completing our pattern then a sharp move to the upside. This harmonic pattern looks extremely powerful when you take into consideration the 4h chart shown below.
We are currently trading within a range which could have been a triple bottom or bullish three drives pattern, the measurements are not valid for either but this chart provides an outlook on future price movement. This has major potential to push further than 300 pips from entry with an excellent risk:reward.
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