W pattern Formation
Britannia
CMP
Target 1/2/3
SL
Formation of W pattern-Double Bottom:- The double bottom price pattern also defines a potential target. After the breakout of the resistance level, the market should gain in value by a distance equal to the distance measured from the first bottom to the top found between the two bottoms (distance X in the example shown above).
The double bottom is a slightly more effective breakout pattern than the double top, reaching its target 78.55% of the time compared to 75.01%.
CMP
Target 1/2/3
SL
Formation of W pattern-Double Bottom:- The double bottom price pattern also defines a potential target. After the breakout of the resistance level, the market should gain in value by a distance equal to the distance measured from the first bottom to the top found between the two bottoms (distance X in the example shown above).
The double bottom is a slightly more effective breakout pattern than the double top, reaching its target 78.55% of the time compared to 75.01%.
Note
Exit....SL Hit
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