In my previous post on this chart, I assumed this shark pattern to anticipate the 5-0. This could have been avoided by simply checking the 89 WMA.
This is indeed not a 5-0 but definitely a shark pattern and it could potentially get very extended.
See the symmetry between the lows around the PRZ which creates the highlighted triangle.
Notice the 2011-2016 rally for about 50% advance in prices:
Not only are we closing around the 2016 highs, we are closing at previous resistance, and price has tested the resistance several times. The liquidity should be dried out by the time we get to test this area again.
Here we also see a steady increase of roughly 13% with some minor pullbacks during the past 3 years:
Perhaps a healthy pullback towards the support area would be able to kick in the extended rally anticipated by the shark pattern.
Dont forget to leave a like
Happy trading
This is indeed not a 5-0 but definitely a shark pattern and it could potentially get very extended.
See the symmetry between the lows around the PRZ which creates the highlighted triangle.
Notice the 2011-2016 rally for about 50% advance in prices:
Not only are we closing around the 2016 highs, we are closing at previous resistance, and price has tested the resistance several times. The liquidity should be dried out by the time we get to test this area again.
Here we also see a steady increase of roughly 13% with some minor pullbacks during the past 3 years:
Perhaps a healthy pullback towards the support area would be able to kick in the extended rally anticipated by the shark pattern.
Dont forget to leave a like
Happy trading
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