Previous Harmonic Move:
Hi friends hope you are will, on 28th Dec 2019 the Cocos-BCX (COCOS) formed a bullish Butterfly and I posted chart on this move as below:
Then the priceline moved up from potential reversal zone and produced 54% profit.
A Formation Of New Harmonic Pattern:
Now again the priceline o Cocos has formed another harmonic pattern and this time we have bullish Shark pattern.
Let’s dig the pattern deeper to see how perfect the pattern is formed:
After initial leg (X to A) the A to B leg is retraced between 0.382 to 0.618 Fibonacci and then B to C leg is projected between 1.13 to 1.618 of A to B leg's Fibonacci projection and final (C to D) leg is retraced between 0.886 to 1.13 Fibonacci as required for perfect bullish Shark and now we are entered in potential reversal zone of this bullish Shark pattern, now we can expect bullish divergence at any time which will lead the priceline between 0.382 to 0.786 Fibonacci projection of C to D leg.
Buying And Sell Targets:
The buying and sell targets according to harmonic Shark pattern should be:
Buy between: $0.000517 to $0.000453
Sell between: $0.000573 to $0.000697
So this time we can expect up to 53% bullish move.
Stop Loss:
The potential reversal zone area which is up to $0.000453 can be used as stop loss in case of complete candle stick closes below this level.
I have shared tradingveiw's link above to access the complete chart.