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Horn top and horn bottom pattern
Horn tops are formed in an uptrend and are separated by a week on weekly chart. It appears to be in 'H' shape.
Horn top pattern formation indicates bearish reversal. And there will be price spikes while formation, as seen in above chart.
Later, once the pattern is confirmed, short positions can be initiated when the price closes below the low of horn top candles. In above chart, short to be considered below 3850 and target will be 395 points (difference b/w high and low ie., 4245-3850), which is good 10%. SL can be considered as the horn top high, if it favors the RR.
In the same way horn bottom pattern will be formed, where again the pattern appears to be in H shape, during the downtrend.
Horn bottom pattern formation indicates bullish reversal.
In the above main chart, I have placed Tatamotors chart where I could identify horn bottom. After the pattern confirmation, longs position can be considered with same criteria for the target. SL can be considered as horn bottom low, if it favors RR.
Hope the above chart was useful with the information provided.
Happy Investing !
Horn top pattern formation indicates bearish reversal. And there will be price spikes while formation, as seen in above chart.
Later, once the pattern is confirmed, short positions can be initiated when the price closes below the low of horn top candles. In above chart, short to be considered below 3850 and target will be 395 points (difference b/w high and low ie., 4245-3850), which is good 10%. SL can be considered as the horn top high, if it favors the RR.
In the same way horn bottom pattern will be formed, where again the pattern appears to be in H shape, during the downtrend.
Horn bottom pattern formation indicates bullish reversal.
In the above main chart, I have placed Tatamotors chart where I could identify horn bottom. After the pattern confirmation, longs position can be considered with same criteria for the target. SL can be considered as horn bottom low, if it favors RR.
Hope the above chart was useful with the information provided.
Happy Investing !
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