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.
CAD is a trapped in a three drives downward channel. RSI is really close so either we will get a breach of the channel above pivot, or another lower run below pivot to S1 at .75111
Nothing really too technical at all I can get into with this one (not a big fan of hourly charts for LT price action) but, @ this point I couldn't see any other pattern but a wedge up / busted bear 3 drives pattern. Currently @ the re-trace so unless anyone sees a break of $268? I'm not sure where everyone else thinks this is going lol. I've seen this setup a ...
ETH 4h: I am starting to see a three drives pattern on the 4h chart on the Ether (you can find an example here https://learn.tradimo.com/advanced-chart-patterns/three-drives). If this is indeed a validated Three drives pattern, expect a bounce up to the 61.8% Fibonacci retracement of the whole move lower which is at $543.5 . The trade idea is no longer valid and ...
BTC - some observations for your amusement...
Bearish channel - two 150% extensions followed by two 230% extensions. (purple)
https://www.tradingview.com/x/zdAsyZQU/
Over-extended ABCD - symmetrical. Bullish
https://www.tradingview.com/x/VkTpHSX5/
Optimistic anti-butterfly!
https://www.tradingview.com/x/XBxvtG6r/
Pessimistically continue three drives down in ...
Bearish 5 Drives megastructure leading into a Bullish 5 drives up to 8500 to which will fulfill the overall Bearish 5 Drives w a target at around 5.5k.
Upon completion of 5.5k retracement OR sideways trending on a strong demand zone, Bitcoin's harmonic may become a Bullish Deep Crab to which will have a target of $10k+.
I've been bullish about bitcoin and I'm ...
IOTXBTC just completed a triple bottom formation with higher lows each time bouncing from the support area around 0.00000600 sats the next targets at the 1.618 and 2.618 are listed with the potential of going way higher after breaking its current all time high which should happen after correcting the second point of exit this last target will easily be over 1300 sats.
Greetings! Hope everyone is having a great week so far, and just wanted to bring a small update to my previous post. You can tell our chart is being played out correctly and it looks like we're still looking for that bottom at $6,000 or so. My other concern is entering a long-term bear market if we break the support line from 2017. Feel free to leave your thoughts ...
A Bullish Shark Pattern is forming on the daily time frame in
a dense Fibonacci confluence zone consisting of the 88.6%
retracement measured from 1.3027 to 1.4377 as well as the
61.8% retracement level measured from 1.2589 to 1.4377.
Price broke through the Bearish Three Drives Pattern above, and it looks
viable at the moment that the breakout level will be ...
Bullish Wolfe Wave pattern with a projected Bullish Three
Drives Pattern could potentially - if realized - finally break
heavy resistance at the 115.600 level.
For the moment a bearish a correction looks very likely - look
at my previous post with a bearish White Swan Pattern on
the 4 hour time frame - as a Doji was formed on Friday. Even
if price breaks and ...
A three drives pattern for GBP/USD, illustrating future price
action. At the moment, GBP/USD is obviously quite oversold
and last weeks Doji formation on the weekly time frame was
most likely a signal for a bullish correction move.
Price formed a double top above and the projected
measured objective of the double top reaches just beyond
the 50% level, as well ...
Greetings everyone! I hope you're all having fantastic trading luck recently with all these random opportunities popping up all over the boards! I'm no specialist with TA and frankly I don't know how much of it is legit, but it's fun to mess around with charts and see what you can find. I personally am going to stick buying below or right around $8,000. I feel ...
It looks like PPT might be in a descending wedge and possible three drives pattern. I don't know much about harmonics so please excuse my ignorance in this matter. This is definitely not investment advice! I just want to see how it turns out.
I'd buy at 0.00214 with a stop at 0.00200, and look to sell at 0.00240.
This is just a guess.
New pivots for Live Cattle. Now projecting Bearish Cypher. Cattle was in a three drives pattern and the fall today may signal further downside to S2 at 106.475. Cattle made pivot today at 111.050. First target is uptrend line at 109.050. Cattle is under the 20 day MA.
