Candlestick Patterns
Counterattack Bearish
The Counterattack Bearish is a bearish reversal pattern represented by two candles. During an upward trend, a first increasing candle with a long body and short wick, is followed by a second candle heading downwards and closing near the first candle’s close. As the name suggests, the pattern represents a bearish counterattack. During an uptrend, a red candle with a medium-long body forms and closes at the same level as the previous candle. The long red candle means that the bears have strongly rejected the uptrend, probably due to the price has reached a resistance and the price can go down. This pattern is likely to lead to a new downtrend or a retracement. Therefore, if selected in your strategy, it would sell a position or open a short.
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