Hello traders .
in this idea I wanna describe the 3 Peaks and Domed House pattern for you ; for better understanding of this pattern I describe this pattern for you first and then go for more details :
The Three Peaks Pattern
The Three Peaks part of the pattern is very straight forward where points 1-2 form the base before a sharp rise to point 3, points 3-7 then form the three peaks pattern before a separating 3 wave decline into point 10.
The Domed House Pattern
The secondary base within this chart pattern is created by an initial rise off the low at point 10 followed by two corrective waves forming points 11-14 and this double correction is an essential component of the domed
house pattern.
The wall of the domed house is created by a sharp rise into point 15 where the roof of the first story though to point 20. The second story of the house is created by another sharp rise into point 21.
The top or the Dome part :
takes the shape of a Head and Shoulders Pattern and maybe double top pattern where 21 and 25 are the shoulders separated by a
final burst of energy into the Head at point 23. The sharp declines into points 26 and form the other side of the walls.
The Three Peaks and a Dome chart pattern gives us an incredibly accurate price target for its completion as
point 26 always returns to within a few points of the price level of point 10.
ok guys I hope you got this interesting chart pattern , usually this types of the pattern are very rare in the market , specially when they happened in the higher time frames like daily and weekly ,
the reason why I thinking the pattern finished at 0.786 Fibonacci level rather than point 10 is that in that level price face to very very strong support level which is the monthly support structure and also the 0.786 Fibonacci level .
in the 4H time frame we can see price created very beautiful bear flag or descending triangle with the price target of the exactly into the monthly support and 0.786 Fibonacci retracement level .
🐺I hope you enjoyed this analysis.
Do not forget to like and subscribe
share my ideas with your friends , thanks for reading my idea🐺
in this idea I wanna describe the 3 Peaks and Domed House pattern for you ; for better understanding of this pattern I describe this pattern for you first and then go for more details :
The Three Peaks Pattern
The Three Peaks part of the pattern is very straight forward where points 1-2 form the base before a sharp rise to point 3, points 3-7 then form the three peaks pattern before a separating 3 wave decline into point 10.
The Domed House Pattern
The secondary base within this chart pattern is created by an initial rise off the low at point 10 followed by two corrective waves forming points 11-14 and this double correction is an essential component of the domed
house pattern.
The wall of the domed house is created by a sharp rise into point 15 where the roof of the first story though to point 20. The second story of the house is created by another sharp rise into point 21.
The top or the Dome part :
takes the shape of a Head and Shoulders Pattern and maybe double top pattern where 21 and 25 are the shoulders separated by a
final burst of energy into the Head at point 23. The sharp declines into points 26 and form the other side of the walls.
The Three Peaks and a Dome chart pattern gives us an incredibly accurate price target for its completion as
point 26 always returns to within a few points of the price level of point 10.
ok guys I hope you got this interesting chart pattern , usually this types of the pattern are very rare in the market , specially when they happened in the higher time frames like daily and weekly ,
the reason why I thinking the pattern finished at 0.786 Fibonacci level rather than point 10 is that in that level price face to very very strong support level which is the monthly support structure and also the 0.786 Fibonacci level .
in the 4H time frame we can see price created very beautiful bear flag or descending triangle with the price target of the exactly into the monthly support and 0.786 Fibonacci retracement level .
🐺I hope you enjoyed this analysis.
Do not forget to like and subscribe
share my ideas with your friends , thanks for reading my idea🐺
