MNKD: Two possible harmonics with one possible target?
It is both a pleasant and an awe-inspiring surprise when we traders catch a glimpse of the many hidden complexities in the financial markets. How various patterns, indicators, and so on can converge together to paint a picture so clear in what much of the time appears to be total chaos. On this chart of MNKD, the picture is far from clear. But there are two harmonic patterns: one is a Bearish Shark(Purple), the other is a Bearish Deep Crab(Yellow). Each by themselves is hardly proof of anything. Together they bring a small amount of clarity as they both point to the same PRZ.
Trading Parameters: Those of you who are aggressive could go long at your leisure. Just set your stop at point C of the deep crab(3.95). Those of you who desire more convincing(smart) should wait for point B to be taken out on either pattern as this would confirm the patterns validity. The better bet would be the shark. Don't forget that PRZs can foster violent reversals. I would imagine with two separate patterns having the same PRZ it would benefit traders to get out of MNKD before that zone is reached.
Just an observation that I thought should be shared. Good Luck.
Trading Parameters: Those of you who are aggressive could go long at your leisure. Just set your stop at point C of the deep crab(3.95). Those of you who desire more convincing(smart) should wait for point B to be taken out on either pattern as this would confirm the patterns validity. The better bet would be the shark. Don't forget that PRZs can foster violent reversals. I would imagine with two separate patterns having the same PRZ it would benefit traders to get out of MNKD before that zone is reached.
Just an observation that I thought should be shared. Good Luck.
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