Nicely formed Inverse Head & Shoulder pattern is ready to give breakout. Posting in advance as market seems to have gap up opening and mates can take advantage of it. Those who are following my Action/Reaction learning series can also notice marked AR Set which catches the reversal perfectly.
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I've posted the chart as it was on my Radar and looking ready to give breakout so I wanted that the mates could take timely action. But it has not given breakout yet. Sorry !
volume is average no any spike in vol during this inverse head and shoulder formation, there should be increase in vol and specially during the left shoulder and head formation..?
praveen.bhatiya
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@azeem1914, True that statistically patterns with volume spikes on Left Shoulder and Head perform better yet it is not a compulsion to be a valid pattern. It is just like that with spiked volumes chances are slightly better but even they fail. I wonder that you consider this one without spiked volume whereas on 15.11 and 29.12 volumes spiked which could also be considered Left Shoulder and Head. Why have I not selected it the pivots just because on the point I have selected it was slightly lower but it really does not matter.
Thanks for your input and attention, I appreciate.
azeem1914
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@Praveen.bhatiya, thank you for your reply hope for soon breakout
UnknownUnicorn646072
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action reaction with a pattern,good analysis,it will give us more confidence
praveen.bhatiya
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@rupambose32, Let's see how it moves not closed yet above the Neckline. BTW You were supposed to work on AR set and post a chart. :)
UnknownUnicorn646072
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@Praveen.bhatiya, yes i will post latter,i am not looking where is closed,but i have a confidence that your pattern will complete with sucess,