Encyclopedia of Chart Patterns Third Edition : [PDF Download]

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“The steepness of the ascent in the latter stages was unsustainable. The peak looked like a one-day reversal, with a close near the low of the day and a tall daily price swing. However, volume was unconvincing.

It was higher that day than during the prior week, but it certainly was not of the caliber of the late November spike. In any case, the stock tumbled and soon reached a new low of 43.50, stopping right at the bottom trendline.

Once the stock began moving higher, the momentum players jumped on board and volume increased along with price. Buying enthusiasm and rising momentum pushed the stock higher, climbing through the top trendline.

An upward breakout occurred. Throughout the various peaks and troughs, as this chart pattern unfolded, there was a struggle between buyers and sellers. Near the lows, the buyers believed the stock was oversold, and they eagerly bought it.

At the top, they and others sold their shares and pocketed handsome profits. This selling pressure, of course, sent the stock back down.”

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