The W pattern resembles the letter "W" and is considered a bullish reversal pattern. It typically occurs after a prolonged downtrend and signals a potential change in trend direction from bearish to bullish. It is basically a Double Bottom pattern, however, the difference is that it is larger, more pronounced and forms over many days if we are looking at 2H charts. Hence, any breakout from this pattern is stronger and more reliable.
(Fig 4.1 - W Pattern)
The reverse of this pattern, the M Pattern occurs very infrequently on the charts at the top and hence, not covered. It is because by its very nature, price action spends a longer time at market lows than at the top, where the price action is more likely to form other reversal patterns like a H&S, Double Top or a 1-2-3 Top.
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