The Scooby Pattern

[immy]

We often talk about this pattern but I have never created a dedicated topic for it. so here we go.

Scooby is a Bearish Reversal Pattern. It can often appear at the TOP/Bottom of a wave.

The following must be true a for Bearish Reversal Scooby Pattern.

The scooby pattern is created by AIMS Box [Its a registered trademark pattern of AIMS] [also called Llama again only AIMS]
A Scooby has
1. ear of the dog is often a fruit bar
2. the neck is often a wave 3 or 5
3. the low of snout (the throat area) is a higher low within up trend
4. the high of the snout is a new Lower High within an uptrend. This is one of the early indication of trend reversal.
if price breaks above the snout and does not break the high of the ear, its a b Trap.

Note: A scooby is also an InsideBox (iBox) pattern.