PHEN continues to form a Bullish Shark harmonic pattern and potentially completed the first significant retracement of the pattern at 88.60% (the first PRZ or Potential Reversal Zone).
Downside risk remains towards 113% retracement, its second PRZ.
See previous analysis on this harmonic pattern for more details:
https://psetrends.blogspot.com/2017/02/phen-on-potential-shark-harmonic-pattern.html
Trading Plan
- Trade this setup once the harmonic pattern has been completed.
- Observe for reversal patterns around the two PRZ areas for potential trading opportunity.
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