tripple top formation.
In technical analysis, a triple top pattern signals a potential trend reversal, and traders often set a price target by measuring the distance between the resistance level (formed by the three peaks) and the support level (formed by the troughs), then projecting that distance downwards from the breakout point.
Bearish Signal:
This pattern is considered a bearish signal, indicating a potential shift in market sentiment from bullish to bearish.
Key Elements:
Three Peaks: Three consecutive peaks at roughly the same price level, representing failed attempts to break through resistance.
Two Troughs: Two troughs (pullbacks) between the three peaks, forming a support line.
Breakout: The pattern is confirmed when the price breaks below the support line (neckline), indicating that sellers have taken control.
In technical analysis, a triple top pattern signals a potential trend reversal, and traders often set a price target by measuring the distance between the resistance level (formed by the three peaks) and the support level (formed by the troughs), then projecting that distance downwards from the breakout point.
Bearish Signal:
This pattern is considered a bearish signal, indicating a potential shift in market sentiment from bullish to bearish.
Key Elements:
Three Peaks: Three consecutive peaks at roughly the same price level, representing failed attempts to break through resistance.
Two Troughs: Two troughs (pullbacks) between the three peaks, forming a support line.
Breakout: The pattern is confirmed when the price breaks below the support line (neckline), indicating that sellers have taken control.
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