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Triple Top
Definition:
A Triple Top is a typically longer term pattern where price action, within the context of an uptrend, has the most recent swing/pivot high being equal or nearly equal in price to the previous two swing/pivot highs that are also equal or nearly equal in price.
Background:
The Triple Top pattern can be formed because the sentiment that was formerly producing the uptrend is now possibly shifting and buying pressure is not strong enough to produce a higher swing high to keep the uptrend intact. Triple Tops can be a stronger bearish reversal pattern after further confirmation when the next swing/pivot high that is produced is even lower. Practical Use:
Much like a double top pattern, technical analysts will use Triple Tops to begin trying to find new selling opportunities as well as to avoid buying the asset until a new buy setup is formed. |
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