I haven't really posted much on Carney's Harmonic Patterns, but as I was working on some material for The Litepaper, I glanced at dogwifhat's monthly chart and noticed it looked very much like shark pattern - but I wasn't even 80% sure. Had to pull out my notes.
Turns out, dogwifhat's monthly candlestick chart is a perfect Bullish Shark Pattern
Given Carney's rules, the targets are the 50%, 61.8% and full reversal of CD:
$2.67
$3.04
$4.83
Will be fun to see how it plays out.
If there's a dip below $0.40, then it's invalidated.
Turns out, dogwifhat's monthly candlestick chart is a perfect Bullish Shark Pattern
- AB = 0.982 of XA → Nearly a 1.0 retracement, which fits within the Shark's extended AB range (0.886 – 1.13 XA).
- BC = 0.992 of AB → Deep retracement, typical of Shark formations where BC is 0.50 – 1.00 of AB.
- CD = 1.147 of BC → Falls within the expected 1.13 – 1.618 BC extension for a Shark.
- XD = 1.125 of XA → Bulls-eye confirmation—Shark patterns complete at 1.13 – 1.618 XA extension, and your 1.125 is right in that range.
Given Carney's rules, the targets are the 50%, 61.8% and full reversal of CD:
$2.67
$3.04
$4.83
Will be fun to see how it plays out.
If there's a dip below $0.40, then it's invalidated.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.