However, you have to be aware that Symmetrical Triangles also work as reversal patterns on uptrends and Downtrends.
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2
The Butterfly pattern has four price swings,
and its appearance on the chart resembles the letter“M”(in in Downtrends) and“W”(in uptrends).
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3
Combinations of these forces are always in play in world markets,
establishing long-term themes that track equally long uptrends and Downtrends.
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4
On the Downtrends, the 0.618 price level should be
where the final buyers are exhausted as sellers take the opportunity to unload their positions and short-sellers jump off the fence to push down the price and resume the downtrend.