A Quick Overview of Shooting Star Pattern
The shooting star is similar to the Inverted Hammerin shape, but it is developed in an upward trend, with a short bottom body and a long top shadow. Like a star descending to the ground, the market will usually begin slightly higher and climb to an intra-day high before closing at a price just above the open. According to Bulkowski, this reversal predicts lower prices with an 60% accuracy rate.
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