Overview The purpose of this post is to examine the double bottom chart pattern and show how it can be used for lucrative trading. The W chart pattern, a double bottom, is a bullish reversal pattern. It generally emerges near the bottom of a decline or during the corrective phase of an uptrend. It is… Continue reading What Is a W Double Bottom Pattern and How to Profit from It?
Overview The W Double Bottom pattern is visible on both the daily and hourly SP 500 FUTURES Renko charts. However, confirmation is lacking because the index failed to close above the most recent all-time high close, 4176. Perhaps Monday will be the day to officially confirm the W. What’s Next The 4176 level is critical. It… Continue reading W Pattern Double Bottom Is a Reliable Bullish Trading Signal
What Happened In the daily Renko chart, the W pattern Double Bottom is apparent. Dow touched the low of 30560 twice, bounced off the low, and went up from there. The only thing not yet confirmed is being able to close above 31920. What’s Next On Friday, 3/5/2021, the February nonfarm payrolls expanded 379,000 and… Continue reading Successful W Pattern Double Bottom Propels Dow DJIA Higher