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Reliance W-Patterns and Fib. Extensions

NSE:RELIANCE   RELIANCE INDS
W-shaped patterns work best at the bottom of a major downtrend but they can also be seen as a trend continuation patterns. On this weekly chart there are three W-shape bottom formations that appeared in 2018, 2019 and recently in 2021 and all the three appeared with in an existing uptrend.
In such a case we can play this pattern with conservative targets. In the last two occasions the stock rallied up to 1.27-1.618 extension levels. In 2021 too we can expect these targets which come at around 2514-2699.

Hope this small analysis will be useful.
Regards

Comment: A few examples
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Comment: Now this is what we should ideally look for:
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Comment: In cases like above, when the momentum is very strong, often markets retest on a lower timeframes.
Comment: I hope these examples will bring some clarity on this topic.

Comments

very nice analysis,
+1 Reply
@Deva111, thanks
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Those are harmonic patterns ...
+1 Reply
Bravetotrade TaurusTeam
@TaurusTeam, W and M are the building blocks of harmonic patterns. I did a whole series of harmonic patterns on trading view. I have found that not all W and M are harmonic patterns but still they work great many a times. Most of the time we make money through simplicity rather than through the complexities of harmonics.
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TaurusTeam Bravetotrade
@Bravetotrade, thats what i'm talking about ...
Reply
super sharing idea💡💡💡👍
+1 Reply
Bravetotrade Future_Trading
@Future_Trading, thanks.
Reply
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