═════════════════════════════════
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 🤝
═════════════════════════════════
Hello Traders ✌
The global stock markets weakness is also evident for Sensex Index (also known as the S&P Bombay Stock Exchange).
Here we have an almost perfect Double Top where the two tops are 90 days apart (minimum is 30) and between the two we had a 10% price retracement. The pattern has developed at the all-time high and just above the 200 days EMA, both things we are always glad to see when evaluating a reversal pattern like this.
If prices go towards the target, keep in mind that we will have to deal with the 52500 previous level.
🔎🔎🔎 ALWAYS REMEBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
═════════════════════════════════
⚠ 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 information is at your own risk.
════════════════════════════════
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 🤝
═════════════════════════════════
Hello Traders ✌
The global stock markets weakness is also evident for Sensex Index (also known as the S&P Bombay Stock Exchange).
Here we have an almost perfect Double Top where the two tops are 90 days apart (minimum is 30) and between the two we had a 10% price retracement. The pattern has developed at the all-time high and just above the 200 days EMA, both things we are always glad to see when evaluating a reversal pattern like this.
If prices go towards the target, keep in mind that we will have to deal with the 52500 previous level.
- Pattern Class: 🌕🌕🌕🌕🌕
- Target area: 49700
- Breakout area below: 54500
🔎🔎🔎 ALWAYS REMEBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
═════════════════════════════════
⚠ 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 information is at your own risk.
════════════════════════════════