Bearish Diamond Formation in Parallel Channel

The diamond top occurs mostly at the top of considerable uptrends. It effectively signals impending shortfalls and retracements with relative accuracy and ease.
The diamond top formation is established by first isolating an off-center head-and-shoulders formation and applying trendlines dependent on the subsequent peaks and troughs.
It gets its name from the fact that the pattern bears a striking resemblance to a four-sided diamond.

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TP1