Jump to: Pattern Result
Date and Arrival Time: 2020-11-09 14:25
Symbol Name: SHREECEM
Pattern and Direction: Ascending Channel – Completed – At Upper Trendline
An Ascending Channel has been identified in SHREECEM, spanning over 3 days since its start time.
The direction of the potential move is based on how a trader prefers to trade Channel patterns. Many analysts tend to predict a breakout above the ascending channel when the price reaches the upper line.
However, we see that this channel is supporting a sell Wolfe Wave (2 days span) as well, which suggests a potential reversal in the price may be imminent. The short span of both of these patterns indicate that any potential move will last only for a short time-frame, for example intra-day. The Ascending Channel with Price at Upper Trendline could be an indicator of the weakness of this particular Bearish Wolfe Wave.
Update: Nov 10 EOD
The price has broken out above the ascending channel. There has been contradictory conclusions from each of the patterns, with the price breaking out above the top of the ascending channel, and opposite to the direction as suggested by the Wolfe Wave.
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Learn More about Wolfe Waves
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