Macro Ascending Triangle & Triple Bottom?
It appears as though TNY may be trading in a huge ascending triangle on a 4-year chart.
Recently the RSI went to all-time lows, and since then we've seen a nice Triple Bottom & some bullish momentum.
Notice where I've placed the blue sideways arrows, there are three bottoms that coincide with a price range of roughly 23c in March 2017.
Again in late July & Aug 2017 at approximately the same price range.
And more recently we found a low of roughly 18.5c, which could potentially represent the third bottom of the Triple Bottom. We can see on this chart that there was a Triple Bottom that happened in late 2016 until late 2017, I have three blue arrows inside of a descending triangle patten that represent what I am refrencing.
A triple bottom is a visual pattern that shows the buyers (bulls) taking control of the price action from the sellers (bears).
A triple bottom is generally seen as three roughly equal lows bouncing off support followed by the price action breaching resistance.
The formation of triple bottom is seen as an opportunity to enter a bullish position.
There should be an existing downtrend in place before the pattern occurs.
The three lows should be roughly equal in price and spaced out from each other. While the price doesn't have to be exactly equal, it should be reasonably close to the same price, such that a trendline is horizontal.
The volume should drop throughout the pattern in a sign that bears are losing strength, while bullish volume should increase as the price breaks through the final resistance.
Recently the RSI went to all-time lows, and since then we've seen a nice Triple Bottom & some bullish momentum.
Notice where I've placed the blue sideways arrows, there are three bottoms that coincide with a price range of roughly 23c in March 2017.
Again in late July & Aug 2017 at approximately the same price range.
And more recently we found a low of roughly 18.5c, which could potentially represent the third bottom of the Triple Bottom. We can see on this chart that there was a Triple Bottom that happened in late 2016 until late 2017, I have three blue arrows inside of a descending triangle patten that represent what I am refrencing.
A triple bottom is a visual pattern that shows the buyers (bulls) taking control of the price action from the sellers (bears).
A triple bottom is generally seen as three roughly equal lows bouncing off support followed by the price action breaching resistance.
The formation of triple bottom is seen as an opportunity to enter a bullish position.
There should be an existing downtrend in place before the pattern occurs.
The three lows should be roughly equal in price and spaced out from each other. While the price doesn't have to be exactly equal, it should be reasonably close to the same price, such that a trendline is horizontal.
The volume should drop throughout the pattern in a sign that bears are losing strength, while bullish volume should increase as the price breaks through the final resistance.
Comment:
Triple Bottom on the RSI? Inverse Head & Shoulder?
