Bearish Three Line Strike Pattern
BEARISH THREE LINE STRIKE PATTERN (BTLSP)
a merry go-round type of pattern
1. Market is on a downtrend;
2. There are 3 long black sticks with consecutive lower closes; and
3. Day 4 has a white stick opening at a lower level and closing above the open of Day 1’s pattern.
The BTLSP is characterized by 3 adjacent black long sticks ended by a white stick driving prices back to the beginning point of the pattern. If there was a strong bearish trend before the pattern, then this trend should go on.
1. A confirmation on Day 5 is required (through a black stick, a large gap down or a lower close).