The reason for the rarity of the Diamond model lies in the fact that its formation takes quite a long time. At the same time, the uniqueness of the model requires label this as a reversal pattern https://fbs.com/analytics/tips/how-to-trade-diamond-chart-patterns-35386 It is formed, respectively, either at the top of an uptrend, speaking of its change to a downward one, or at the market bottom, indicating that the market’s fall will soon be replaced by growth. That is, the Diamond pattern can be either bullish or bearish, depending on the specific situation.
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