Double Bottom in GJ TF Daily
A double bottom is forming in GJ TF Daily.
Double bottom or a”‘W” is trend reversal signal. It is a chart pattern with 2 bottoms, very close in price, or the 2nd bottom have a higher low than the 1st bottom.
Profit Target
When price breaks out of a double bottom formation, the price target is the range of the formation added to the breakout level. Which in the case of GJ, the price could actually go up to (213.97(highest price) - 204.59(lowest price) = 938pips) = Breakout @ 213.97 + 938pips = 223.35