As of 04/25/2019
Industrials: 26,462 134.97 0.5%
Transports: 10,846 253.37 2.3%
Utilities: 780 +3.53 +0.5%
Nasdaq: 8,119 +16.67 +0.2%
S&P 500: 2,926 1.08 0.0%

YTD
+13.4%
+18.3%
+9.5%
+22.4%
+16.7%

26,900 or 25,500 by 05/01/2019
11,200 or 10,500 by 05/01/2019
825 or 755 by 05/01/2019
8,250 or 7,850 by 05/15/2019
2,975 or 2,800 by 05/01/2019

As of 04/25/2019
Industrials: 26,462 134.97 0.5%
Transports: 10,846 253.37 2.3%
Utilities: 780 +3.53 +0.5%
Nasdaq: 8,119 +16.67 +0.2%
S&P 500: 2,926 1.08 0.0%

YTD
+13.4%
+18.3%
+9.5%
+22.4%
+16.7%

26,900 or 25,500 by 05/01/2019
11,200 or 10,500 by 05/01/2019
825 or 755 by 05/01/2019
8,250 or 7,850 by 05/15/2019
2,975 or 2,800 by 05/01/2019
 
Statistics updated on 3/20/2019.
For more information on this pattern, read Encyclopedia of Chart Patterns Second Edition, pictured on the right, pages 639 to 653. That chapter gives a complete review of the chart pattern, compared to what is described below.
If you click on this link and then buy the book (or anything) at Amazon.com, the referral will help support this site. Thanks.  Tom Bulkowski
$ $ $
The inverted and ascending scallop looks like the right half of an umbrella. The beauty of this chart pattern is that it performs so well in both bull and bear markets, sporting a low break even failure rate and a large average rise.
Discovered by Thomas Bulkowski in the early 2000's but it may have been uncovered by others earlier.
The above numbers are based on 1,748 perfect trades. See the glossary for definitions.
Characteristic  Discussion 
Price trend  Most often you'll see these in an upward trend leading to the pattern or at the bullish turning point of a downward price trend. 
Shape  Inverted and backward J shape. It looks like the right half of an umbrella. The rise should be a straight, or nearly straight run up, then rounded at the top followed by a small decline. 
Smooth top  The peaks should form a rounded turn but larger patterns may not be as smooth. 
Retrace  The end of the pattern on the right usually retraces 54% of the prior up move. Avoid 100% retraces. 
Volume  Trends downward 70% of the time 
Confirmation  The pattern confirms when price closes above the highest high in the pattern. 
Consult the associated figures on the right.

The Measure Rule
New Stop Location

The figure on the right shows an example of an inverted and ascending scallop chart pattern. Price bottoms at point A and then rises to B where it rounds downward to C.
To calculate a price target, subtract the price of valley A from peak B. That finds the height. Multiply the height by 61% (the percentage meeting price target from Important Bull Market Results table near the top of this page) and add the result to the price at B. Place a stop loss order a few pennies below C, and raise the stop as price climbs.
 Thomas Bulkowski
Organized people are just too lazy to look for things.