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Black_NITE   Thursday, 11/07/13 12:12:17 AM
Re: None
Post # of 2803027 


The Bullish Unique Three River Bottom Pattern is an extremely rare bottom reversal pattern. Its first candlestick is an extended black candlestick then followed by a second black real body closing higher than the first candlestick’s close, and the third candlestick is a white candlestick with a very small real body. The real white body shows that the market lost the selling pressure.

Recognition Criteria:

1. Market is characterized by a downtrend.
2. We see a long black candlestick in the first day.
3. Then we see a Hammer-like black candlestick on the second day.
4. The lower shadow of the second day sets a new low.
5. Then we see a short white candlestick, which is below the second day candlestick.

With the Unique Three River Bottom bull pattern, we first see a long black stick in a falling market. The next day opens at a higher level, however bearish sentiment is strong causing a new low during the day however the day closes near the high thus producing a small black body within the body of the first day. This rally questions the strength of bears. The increasing uncertainty is further strengthened when the third day opens lower, but not lower than the low of the second day. There is some stability on the third day as evidenced by its small white body. Third day ends by a rally closing below the close of the second day. If price rises to new high on the fourth day, then a reversal of trend is confirmed.

Important Factors:

A confirmation on fourth day is advisable to show that that the downtrend has reversed. This may be in the form of a white candlestick, a large gap up or a higher close on the fourth day.

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