As of 12/05/2024
Indus: 44,766 -248.33 -0.6%
Trans: 16,976 -190.93 -1.1%
Utils: 1,047 +2.22 +0.2%
Nasdaq: 19,700 -34.86 -0.2%
S&P 500: 6,075 -11.38 -0.2%
|
YTD
+18.8%
+6.8%
+18.8%
+31.2%
+27.4%
|
44,000 or 46,000 by 12/15/2024
17,025 or 18,000 by 12/15/2024
1,025 or 1,100 by 12/15/2024
20,000 or 18,500 by 12/15/2024
6,200 or 5,900 by 12/15/2024
|
As of 12/05/2024
Indus: 44,766 -248.33 -0.6%
Trans: 16,976 -190.93 -1.1%
Utils: 1,047 +2.22 +0.2%
Nasdaq: 19,700 -34.86 -0.2%
S&P 500: 6,075 -11.38 -0.2%
|
YTD
+18.8%
+6.8%
+18.8%
+31.2%
+27.4%
| |
44,000 or 46,000 by 12/15/2024
17,025 or 18,000 by 12/15/2024
1,025 or 1,100 by 12/15/2024
20,000 or 18,500 by 12/15/2024
6,200 or 5,900 by 12/15/2024
| ||
Statistics updated 8/26/2020.
For more information on this pattern, read Encyclopedia of Chart Patterns Second Edition, pictured on the right.
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Descending scallops are backward J-shaped chart patterns which occur most often in downward trends.
Descending Scallop
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The above numbers are based on over 2,000 of perfect trades. See the glossary for definitions.
Characteristic | Discussion |
Price trend | Usually downward leading to the descending scallop but you'll see them in retraces of an uptrend, too. |
Shape | The descending scallop looks like the backward letter J. Find two peaks with a rounded valley in between and the left peak higher than the right one. |
Breakout, confirmation | A close above the top of the chart pattern (it used to be the right lip) or below the lowest valley (downward breakout) signals a breakout, confirming the pattern as a valid one. The pattern breaks out downward 78% of the time. |
Consult the associated figure on the right.
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Two descending scallop chart patterns appear in the figure above. The first one begins at point A and ends at B. The second begins at B and completes at C. Both scallops breakout downward when price closes below the bottom of the associated chart pattern.
-- Thomas Bulkowski
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