The Gartley pattern forms when a trend temporarily reverses direction before returning to its original course. Basically a retracement and continuation pattern, it is one of the most traded harmonic patterns. This pattern is named after Harold McKinley Gartley, who in the mid-1930s had a stock market advisory service with a large following.read more
Among harmonic patterns, the Shark pattern is a 5-point reversal structure that Scott Carney discovered in 2011. It is a combination of Fibonacci numbers and the Elliott Wave theory.
Essentially, the Shark consists of an impulse leg and a retracement leg, with the latter not having any particular value. The continuation leg needs to have a 113% Fibonacci extension of BA, but it should not exceed 161.8%.read more
The 5-0 pattern, though comparatively new, is emerging to be more popular. It was discovered by Scott Carney and is a distinct 5-point reversal structure.
The pattern has 4 legs and specific Fibonacci measurements of each point within its structure, which omits the room for flexible interpretation.
Essentially, it helps stock traders take advantage of key reversals in the price chart by finding a unique entry point.