[Diary] Wipro Flag Pattern Formation Discussion

Archive of Discussion -

Now, Our core assumption is - It will eventually give a breakout (or, breakdown) and will continue the trend. So, in short, Flag Pattern is a trend continuation pattern that allows you to catch a trend in the middle!

If We revisit the recent amazing Uptrend of Wipro, You can see there are three clear Flag Formations in the W timeframe.

What we should note here is - The first flag kept going upside. The second flag retraced. The third flag made a converging pattern.

In the end, it kept continuing the trend! If we summarize using Bounce theory, the flag is basically giving more structural formations of Higher Highs and Higher Lows.