Bullish Side-by-side White Lines Pattern
BULLISH SIDE BY SIDE WHITE LINES PATTERN (BSBSWLP)
The initial selling ends quickly
1. The market is on an uptrend;
2. Day 1 has a white candlestick;
3. Day 2 has another white stick with an upward gap;
4. On Day 3, we see a white stick distinguished by the same body length and with a closing price equal to the close of Day 2 (and a new high is established).
The BSBSWLP appears in a market that is bullish. The first white stick is a confirmation that the bull market is still there. On Day 2, the market opens with an upward gap and closes at a higher level. On Day 3, the market opens at a much lower level (even as low as Day 2’s open). But the initial selling ends quickly and the market goes up again to another high. The bullish move continues.
1. The two side by side white sticks after the upward gap are of similar size and almost the same opening prices
2. The pattern’s reliability is high but a confirmation is still suggested (through a whit candlestick with a higher close or a gap-up).