GoodFellas Big Board Catalyst and Chart Plays

[Zembat]

I say Triple Top... What do You think sir?

Somebody stop the bleeding, please... Friday, people taking their money home:). Ehh, wish to see this market to be again like from Dec 19 to April... it was a nice ride over 20 dma:)




1.Prior Trend: With any reversal pattern, there should be an existing trend to reverse. In the case of the Triple Top Reversal, an uptrend should precede the formation.
2.Three Highs: All three highs should be reasonable equal, well spaced and mark clear turning points to establish resistance. The highs do not have to be exactly equal, but should be reasonably equivalent to each other.
3.Volume: As the Triple Top Reversal develops, overall volume levels usually decline. Volume sometimes increases near the highs. After the third high, an expansion of volume on the subsequent decline and at the support break greatly reinforces the soundness of the pattern.
4.Support Break: As with many other reversal patterns, the Triple Top Reversal is not complete until a support break. The lowest point of the formation, which would be the lowest of the intermittent lows, marks this key support level.
5.Support Turns Resistance: Broken support becomes potential resistance, and there is sometimes a test of this newfound resistance level with a subsequent reaction rally.
6.Price Target: The distance from the support break to highs can be measured and subtracted from the support break for a price target. The longer the pattern develops, the more significant is the ultimate break. Triple Top Reversals that are 6 or more months old represent major tops and a price target is less likely to be effective.