Triple Top and Bottom Pattern

Triple Top

The triple top pattern has one peak more than the double top pattern; at least two pullbacks form when the price reaches the resistance level for the third time. These three reaches of price confirm the validity of resistance level on top and the two swing low points make up the support level at the bottom. Although the parallel, strong levels bound the price for a while, things will not last forever and the price destroys the limits. 

1. Appearance: Price fluctuates and repeats an inverted V shape one after another for three times. The third duplication is necessary to happen which makes out the triple top. 
2. Trendline: Like a double top pattern, there is one resistance level over the peaks and one support level holds swing low points at the bottom. 
3. Pattern Category: Reversal pattern. 
4. Breakout Direction: 

Expectation: Triple pattern informs of further change in the direction of market, Bullish-to-bearish. The bearish trend may continue as long as the height of support and resistance to the breakout price. In a bullish market, prices rise up and so on the price target level goes higher from where the resistance level is broken. 

Failure: Whenever the price shows continuous behavior, literally the failure occurred. Still, a number of traders look at it as a chance. Because it informs of stronger reversal after a fake-out. 

Triple Bottom

Having one swing more than the double bottom and being overturned of the triple top is the simplest description of a triple bottom pattern in the language of technical analysis. A strong support level holds over the bottom of three dips in sequences and also comes into the outline of a triple bottom pattern. 

1. Appearance: Price fluctuates and repeats a V shape one after another three times. Peaks lie down on a presumed support level and the common points form a resistance level on top. 
2. Trendline: On an equal footing with a double bottom pattern, one resistance level on top and one support level below the dips are the guidance lines. 
3. Pattern Category: Reversal pattern.
4. Breakout Direction:  

Expectation: Triple pattern informs of further change in the direction of market, bearish-to-bullish. The process of defining a potential price target level is similar to the double bottom pattern. It is expected to increase as long as the vertical distance of support and resistance level from the breakout price. Where the support level is crossed by the price, is the breakout price. 

Failure: Showing continuous manner is a sign of failure for a triple bottom pattern. Bearish-to-bearish or bullish-to-bullish