An even number of touches would produce a continuation, and an
odd number would result in a reversal. A diamond is not a
reversal pattern, as far as I know. The suggested count has 9
touches, and it still needs to break to the upside.
Based on articles from rambus1.com, I would doubt the pattern.
IMO.
Title: A number of touches
A bullish diamond continuation pattern suggests ?
Posted by junkie on 20th of May 2014 at 06:27 pm
An even number of touches would produce a continuation, and an odd number would result in a reversal. A diamond is not a reversal pattern, as far as I know. The suggested count has 9 touches, and it still needs to break to the upside.
Based on articles from rambus1.com, I would doubt the pattern. IMO.
Title: edit: a diamond could
Posted by junkie on 20th of May 2014 at 09:20 pm
A short-term but not a long-term. A diamond does not change the trend. See, for example, here
A short-term reversal would be consistent with the example in the article.