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Reliance W-Patterns and Fib. Extensions

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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

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

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Juga pada:
Chart PatternsfibextensionsRELIANCEwpattern

Penafian

Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.
Chart PatternsfibextensionsRELIANCEwpattern
Bravetotrade
Mod
JJ Singh
Trader/Investor
Moderator, TradingView

🚀Join t.me/jjsingh_2020 ,
A Free Education channel

🚀Tweet at twitter.com/JaySingh_2020
Juga pada:

Penafian

Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.