IBOV - 3 months DOUBLE BOTTOM

30 Jan 2022

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Since 2014, my markets approach is to spot trading
opportunities based solely on the development of
CLASSICAL CHART PATTERNS

🤝Let’s learn and grow together 🤝
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Hello Traders ✌

As we can see we are at the bottom of a strong
downtrend which is exactly where we want to see
a Double Bottom. Although the scenario on the
daily chart seems bullish, weekly chart shows also
the possibility that this is a minor correction of a
major downtrend. Tactically this means to be more
aggressive with trailing stops rules and protect the
capital. The distance between the two lows is just
over 30 days which is the minimum required for a
Double Top/Bottom to be considered as such.

• Pattern Class: 🌕🌕🌕🌑🌑
  
• Target area: 117500.00
  
• Breakout area above: 110800.00
  

Entry Point and Initial Stop Loss depends on your
Trading Plan Tactis and Money Management rules.

🔎🔎🔎 ALWAYS REMEBER
"A pattern is NOT a Pattern until the breakout is
completed. Before that moment it is just a bunch of
colourful candlesticks on a chart of your watchlist"
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⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal
opinion and it is posted purely for educational
purpose and therefore it must not be taken as a
direct or indirect investing recommendations or
advices. Any action taken upon these informations
is at your own risk.
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