Volume was shrinking when the rectangle pattern made a break out.
This means there is lack of buyers. After breakout it retraced 100% of breakout.
Now we can see a flat correction pattern with strong B- wave. Wave-B is between 101 to 123 % of wave –A.
There is a chance wave-C will completely retrace wave-B
Method of Confirmation:
SUNPHARMA is in rectangle /ranging pattern in 1hr chart, usually after breakout the prior trend will resume.
Minimum target is the height of the pattern.
Breakout direction can be verified by volume
If heavy volume is on the downside, then it will continue the previous trend
If heavy volume on rallies and can be considered a trend reversal.
: Only sharing my...
Trading is a game of probability, but there are some common factors such as patterns, theories and strength/weakness.
If you learn that you will get a route map for trading.
Learn from books and build your own ideas channels can give only basic knowledge/tips.
My analysis of M&M This Analysis is done only for Educational Purpose, Invest or Trade at your Own Risk.