Scallops Chart Patterns are continuation patterns that are J-shaped, inverted J-shaped, or mirror J-shaped and appear frequently in trending markets. This pattern has a rounded bottom or top and a steep momentum. The structure is pretty smooth at first, then the market begins to rush up with significant momentum, or vice versa. Scallop patterns appear less frequently than other continuation patterns such as flags or pennants, yet they are among the most stable forms.
Types of Scallops Chart Patterns
There are two types of scallops that indicate bullish movement and two types that indicate bearish movement out of a total of four varieties.
Ascending Scallop Pattern
Inverted Ascending Scallop Pattern
Descending Scallop Pattern
Inverted Descending Scallop Pattern
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