Shark pattern definition
Shark pattern was described for the first time by Scott Carney. Visit Scott's site to learn more about his work, books and commercial products -> http://www.harmonictrader.com/
There is a presentation available on Internet that describes shortly Scott's shark pattern.
The pattern that we are going to present to you here is actually different from what Scott defines, but to give a Credit to Scott and his overall Work in the Harmonic Trading area we would like to stay with the pattern name defined by him.
Pattern presented here, as all the other patterns presented on this Forum, will not focus much on the Fibonacci ratios, will not come up with variants (note: Scott's shark can have D point above and blow X point).
Shark pattern described here comes actually rather from the Elliott Wave theory and type of Wave2 correction.
Read on, you will learn about another price and harmonic killer IF!!! spotted in the right place of the market. Again, as always, the pattern location is the key!
Are you using Hennesy or traditional EW for this?
I have the toughest time locating anything with regular EW.