Contextually it's important to keep in mind the prior move when working with the statistical reliability of these structures.
The reference you are using comes after a move up. There are other considerations for the likeliness of follow through to the upside such as prior price action, the relative age of the trend, liquidity, trend strength..
Relating this pattern to wbt I think it's worth keeping in mind that it is actually present, albeit with a few characteristics that are hard to ignore (large candle spring, respecting the emas in it's trend).
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WBT Chart, page-71
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Last
$1.88 |
Change
-0.015(0.79%) |
Mkt cap ! $354.2M | |||
| Open | High | Low | Value | Volume |
| $1.89 | $1.92 | $1.84 | $727.0K | 388.1K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 680 | $1.86 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.88 | 2486 | 1 |
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| Last trade - 16.10pm 17/09/2024 (20 minute delay) ? |
| WBT (ASX) Chart |