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The security PIDILITIND has formed a bullish engulfing within the five wave corrective pattern A-B-C-D-E and formed a triangle shaped structure.It took 1.5 Months to form the triangle area.A breakout in the upward direction is expected.The bullish engulfing within the consolidation of wave pattern accompanied with high volume indicates the presence of bullish pressure
| M | T | W | T | F | S | S |
|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | ||
| 6 | 7 | 8 | 9 | 10 | 11 | 12 |
| 13 | 14 | 15 | 16 | 17 | 18 | 19 |
| 20 | 21 | 22 | 23 | 24 | 25 | 26 |
| 27 | 28 | 29 | 30 | 31 | ||
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Hi,
This is not the triangle pattern, for triangle pattern each wave should be smaller than the previous wave.
Hi Vignesh
Thank You for pointing out the criteria ,the decreasing length of wave for the triangle pattern.
Appreciated and looking for your valuable comments.
Latha