Reliance W-Patterns and Fib. Extensions
Diupdate
W-shaped patterns work best at the bottom of a major downtrend but they can also be seen as a trend continuation patterns. On this weekly chart there are three W-shape bottom formations that appeared in 2018, 2019 and recently in 2021 and all the three appeared with in an existing uptrend.
In such a case we can play this pattern with conservative targets. In the last two occasions the stock rallied up to 1.27-1.618 extension levels. In 2021 too we can expect these targets which come at around 2514-2699.
Hope this small analysis will be useful.
Regards
In such a case we can play this pattern with conservative targets. In the last two occasions the stock rallied up to 1.27-1.618 extension levels. In 2021 too we can expect these targets which come at around 2514-2699.
Hope this small analysis will be useful.
Regards
Catatan
A few examplesCatatan
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Now this is what we should ideally look for:Catatan
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In cases like above, when the momentum is very strong, often markets retest on a lower timeframes.Catatan
I hope these examples will bring some clarity on this topic.
JJ Singh
Trader/Investor
Moderator, TradingView
🚀Join t.me/jjsingh_2020 ,
A Free Education channel
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Trader/Investor
Moderator, TradingView
🚀Join t.me/jjsingh_2020 ,
A Free Education channel
🚀Tweet at twitter.com/JaySingh_2020
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