EDUCATION POST 💡
The Triple Bottom pattern is very similar in nature to the Double Bottom pattern, but differs from it only in that the Triple Bottom adds another low. The Triple Bottom can be formed only after a downtrend and precede an uptrend: in other words, the Triple Bottom turns the price upwards. If there is no downtrend before the figure, and no uptrend after it, this chart formation cannot be called a Triple Bottom.
Elements of the "Triple Bottom" reversal pattern:
- There must necessarily be a long-term downtrend before the Triple Bottom.
- Three equal bottoms must be at the end of the preceding trend. The lows of these troughs must be at approximately the same level, and the peaks between the three troughs must also be at approximately the same level.
- Trading volumes tend to gradually decrease as the pattern is formed. At the end of the pattern, after the third bottom, volume may increase, which will only strengthen the pattern.
- Breaking and consolidation above the resistance level is the key moment in the formation of the figure (there may not be a retest).
During the formation of the Triple Bottom pattern, it may repeatedly appear that another pattern is emerging, such as a double bottom or a rectangle.
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