And this is making it difficult to pinpoint a pattern.
IE this has every characteristic of a Butterfly.
It pulled on the retracement leg to the .786. Peak 2 is lower than peak 1.
The shark has no parameters for leg2 retracement, but the Shark has peak 2 higher than peak 1. This is not a shark.
It is not a Cypher as it pulled up past the .618/plus peak 2 is lower than peak 1.
This pattern ends at the 1.113 for now, yet it is virtually not following rules of a harmonic pattern I know of.
It pulled too far on the retracement/2nd leg/to be a uniform bat which can end at the 1.113 or the .886.
Maybe it will eventually hit the 1.272 fib level.
Probably so. Or lower.
My point being the computer algos, or somebody, are not trading patterns close to the correct levels. And by no means do harmonic patterns always hit the level exactly. But the ones I am seeing are way off the mark.
It is just not correct at all for now.
No recommendation.
Volume does not support the move up.
I left the fib table on this chart as it fired off at the 1.113 which is not typical for a Butterfly pattern.
I have also noted the new 1.414 W and M pattern which is documented nowhere online that i can find. I see it a lot. It almost seems like these algos are programed a bit differently than the actual documented pattern as I know it.
Be safe/all we can do is adjust.
IE this has every characteristic of a Butterfly.
It pulled on the retracement leg to the .786. Peak 2 is lower than peak 1.
The shark has no parameters for leg2 retracement, but the Shark has peak 2 higher than peak 1. This is not a shark.
It is not a Cypher as it pulled up past the .618/plus peak 2 is lower than peak 1.
This pattern ends at the 1.113 for now, yet it is virtually not following rules of a harmonic pattern I know of.
It pulled too far on the retracement/2nd leg/to be a uniform bat which can end at the 1.113 or the .886.
Maybe it will eventually hit the 1.272 fib level.
Probably so. Or lower.
My point being the computer algos, or somebody, are not trading patterns close to the correct levels. And by no means do harmonic patterns always hit the level exactly. But the ones I am seeing are way off the mark.
It is just not correct at all for now.
No recommendation.
Volume does not support the move up.
I left the fib table on this chart as it fired off at the 1.113 which is not typical for a Butterfly pattern.
I have also noted the new 1.414 W and M pattern which is documented nowhere online that i can find. I see it a lot. It almost seems like these algos are programed a bit differently than the actual documented pattern as I know it.
Be safe/all we can do is adjust.
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I just know they have tricked the F out of me a few times! LOL
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al·go·rithm/Algo
a process or set of rules to be followed in calculations or other problem-solving operations, especially by a computer.
a process or set of rules to be followed in calculations or other problem-solving operations, especially by a computer.
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Scott Carney needs to update Harmonic patterns pronto. It is hard when you can not count on a fib levels you have used for years )o: (o":
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Serpents in my mind )o:
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