The Three Drives pattern was originally outlined by Robert Prechter. It is not used often in trading, because it is rare to spot and far less common than other harmonic patterns. It consists of symmetrical price movements with identical Fibonacci projections in a 5-wave structure. The Three Drives pattern is defined by three distinct, consecutive and symmetrical drives to a top or bottom where each drive completes at 1.13, 1.27 or 1.618. Symmetry in both price and time is critical. It is important not to force the pattern on the chart. If it is not really there, the best decision would be not to trade it.
A reversal is likely to happen at the completion of the third drive. Conservative traders look for additional confirmation that price is reversing. Targets can be set at the discretion of the trader but normally extend beyond the last retracement. If the pattern fails, this could point to a strong continuation in the previously dominant direction. The Three Drives pattern can be either bullish or bearish. TradingView has a smart drawing tool that allows users to visually identify this price pattern on a chart.
You've heard it so many times "greedy when others are fearful", but fear takes hold and sways your judgement.
What are the common sense clues?
The talking heads are trying to "call" the recession before it happens simply for an "I told you so" moment, but where were they before 2008 and earlier?
Why can't we make some serious profits after 10 years of an ...
Don't freak out. If you missed our call to buy the bottom at $3150 (Yes we did!) Here's how you can get back in the game.
Three Drives (Rally) Pattern:
Shorts are being squeezed and shorting again (trying to find the top)
Bulls are actually buying (unlike the April short squeeze)
Third rally is for the FOMO buyers, and they will get their "shorts" (ahem) handed ...
Another failed pump by Bitfinex, the mafia exchange, the high money launderer's exchange. Has pulled off another dirty wash trade of theirs. It will end up like the rest of others with a big failure.
Lets see how this 3 Dives to TOP with HUGE REJECTIONS on their Wicks plays out. Most likely they will forced out to the maximum all their indicators on small ...
3 Dives TOP with Massive Rejection on Last TOP is my favorite.
Also the massive rejection result the fact that weekly 24 MA is holding like a BOSS without sweating it.
Enjoy the shorts my friends.
I think now was the last true TOP. From which will deflate this extra-pumped price with Fake Volume out of Bitfinex USDT. . Well done for bears that stayed out as I saw Shorts were low and dint jumped out at every spike. Now LONG's are trapped and IN-PAIN.
BITMEX:XBT is being a feisty little bastards trying to take-out the majority of its shorters on its way down.
You know the old school Wash & Rinse? You can watch it now, fake volume pushed too the limits of no volume , everything deflating like a bubble all over again. Sooner hopefully then later as then it will caught many "Buyers" that we will need when we hit ...
Technically it is symetrical 3 Dives to Top. Yet the market have refused it to start it for a while and forced up the last wick to insure that the last shorters are OUT.
It is a classical movement and probably one of the worst ever since they over-extended even the RSI.
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