@dummyvariable77 @Rohit_Tomar, I could not find any IHS or C&H pattern in the chart shown above. For, IHS to be perfect right side and the left side shall be equal in counts: from shoulder to neck (right and left) and from neck to head (right and Left) it has to be equal in degree/price and bar counts, if not equal, it shall not be big difference, as like we humans have in our left-right parts of the body, from head to toe.
Also, please mind that H&S mostly happens at the top and IHS mostly happens at bottoms after a big upside and downside move respectively.
Also, a C&H pattern does not have such zig-zag move. Just for sake of supporting our biased view/(s), we shall not rush into finding patterns that matches our views.
Don't take it negatively or other way. Even when I was new to the Technical Analysis and trying to learn new things I was also doing such mistakes. But, apparently I have learned that what I was doing was a kind of biased study to support my biased views.
@dummyvariable77, did I comment anything about your target? If it was an IHS or C&H it should have reached your target in 4-5 days, but in this case it almost took a month or so. The possibility of IHS or C&H breakout was not justified. A 5% rise from the breakout level should have been achieved in short span of time as mentioned before.
So, it is good that the target got hit, and I congratulate for the same. But, again do not rush for pattern finding unnecessarily.
Divergent_trader
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@sapangor, First of all, I don't know how you are quoting 4-5 days. Maybe you have read it somewhere, but timing the market is a futile effort. Secondly, nothing is set in stone. Patterns are never perfect, but interpreting the psychology behind such patterns is important. Inverse H&S, or its shape at least, is reliable because of this very fact. A higher bottom is formed at the right shoulder which indicates a strength of bulls & possible reversal, after a period of downtrend. I suggest you let go of theory & textbooks, & understand the mentality behind charts.
Manasiz
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I bought TCS at 2934
Rohit_Tomar
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I have another theory to support your logic in this. It formed a cup & handle pattern with depth of 180 points and up trended with volume for target of 3260 which is bottom of 21-Jan-21.
Also, please mind that H&S mostly happens at the top and IHS mostly happens at bottoms after a big upside and downside move respectively.
Also, a C&H pattern does not have such zig-zag move. Just for sake of supporting our biased view/(s), we shall not rush into finding patterns that matches our views.
Don't take it negatively or other way. Even when I was new to the Technical Analysis and trying to learn new things I was also doing such mistakes. But, apparently I have learned that what I was doing was a kind of biased study to support my biased views.