PSX · TEXTILE SPINNING · 1 Hour
ELCM Descending Triangle forming
Elahi Cotton Mills Limited · 30 Oct 2026 · 09:30 PKT
▼ Bearish Forming Chart pattern With the trend
Lines to watch
Awaiting breakout- Close
- 220.00
- ▼ 2.22%
- Upper line
- 235.87
- +7.2%
- Lower line
- 209.77
- -4.7%
- ATR
- 8.61
- Target
- Invalidation
- Pattern lines
- Fair value gap (bull / bear)
- Order block
- Strong / weak high and low
- BOS · CHoCHstructure breaks
SMC Structure · Order Blocks · FVG · Pattern Detector 1 Hour candles · click to enlarge
The breakdown
ELCM is compressing inside a descending triangle on the hourly chart - 5 swing points, 8.7x ATR wide at the start.
Upper line 235.87, lower line 209.77. The pattern favours a downside resolution: a hourly close above 237.59 confirms an upside breakout, a close below 208.05 a downside break.
Structure: bearish external, bearish internal (strong high 369.99). Nearest demand OB 209.01 - 209.19, supply OB 304.39 - 307.99.
How to read this signal
- 1 Not triggered yet: the pattern is still forming on the 1 hour chart.
- 2 A 1 hour close above 235.87 (+7.2%) would be an upside breakout.
- 3 A 1 hour close below 209.77 (-4.7%) would be a downside breakout.
- 4 Until one of the lines breaks, there is no target or invalidation level.
Pattern guide
About the descending triangle
A descending triangle is a falling upper trendline meeting flat support; a close below support usually continues the fall, a close above the trendline signals a reversal.
- Confirmation
- A candle close outside the triangle.
- Target
- The triangle's widest height, projected from the breakout.
- Fails if
- A close back inside the triangle soon after the break (a fake-out).