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FPH – Potential Bearish Deep Crab Pattern

09 Jul

Potential Bearish Deep Crab on the Weekly Chart


FIRST PHILIPPINE HOLDINGS CORPORATION (PSE:FPH)- This is a variation of the classic Crab pattern called the Deep Crab. The difference is the 88.6% retacement of the AB leg from the XA leg, instead of the 38.2% to 61.8% retracement of the classic Crab pattern.

Lots of harmonic convergence at the P60 – 62 mark.

Other technical note:

Potential Inverse Head and Shoulder Pattern


Target Price = P82.00. Buy on breakout just to be sure. Don’t want to get caught inside a symmetrical triangle, right? Also, please watchout for that potential falling three methods candle stick. It might be confirmed next week.

This is another example of using harmonics to quantify classical pattern.

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4 responses to “FPH – Potential Bearish Deep Crab Pattern

  1. newbieee

    July 10, 2011 at 12:22 am

    Hi!

    I’d just like to ask which dates the “potential three falling methods” occurred in FPH’s chart? I can’t seem to find it in my chart. Thanks!

     
    • pseharmonics

      July 10, 2011 at 12:15 pm

      Its on the weekly chart. (last 4 candles) 5th candle/confirmation to be determined next week.

       
      • newbieee

        July 11, 2011 at 3:25 pm

        Thank you very much! Is there such a thing as falling four methods?? What would most happen to FPH supposed the price movement this week fails to break the rise above the first long black candle?

         
      • pseharmonics

        July 11, 2011 at 4:58 pm

        Yes and no. hehe The three methods candlestick pattern does not necessarily need to have 3 sticks in the middle. It could be 2 or 4 (more is questionable already). This is according to Steve Nison’s manual. This concept also applies for the variation of the three methods called the mathold pattern. If price will fail to break the the long candle, then the three methods might be stricken out by the 5th and confirmatory candle indicating a downward continuation.

         

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