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The following are the analysis for the sequences mentioned in the attached chart.
Seq 1:Double bottom formed at Point A(23rd Sep) and B(10th Oct). The duration between Point A and B is approx 20 days, but the volume at either B or C(17th Oct) is not sufficient enough to qualify the double bottom.
Seq 2:Double topĀ is formed at Point A(10th Mar) and B(24th Mar). The duration between A and B is less than 20 days and no significant volume at B or C, hence does not qualify for double top.
Seq 3: Double bottom is formed at Point A(16th Jul) and B(4th Aug). The duration between A and B is apprx 20 days and increase inĀ volume seen at point C(7th Aug) Ā to confirm the bearish scenario. Short Position can be created after Point C. Trade Plan: Direction Short, Entry below 420, Stop Loss: 440, Target: 400
To clarify: In Seq 3, can Point A and B be considered as equivalent top? Please reply your views.
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