Hi Helycam,Yes you are dead right A Classic Rising Three, must...

Hi Helycam,
Yes you are dead right A Classic Rising Three, must be formed in an uptrend.
That is textbook stuff.
What I have experienced over the years is that these patterns can occur out of context by saying that they are not textbook.
But the market sentiment is the same, some times they take longer but the outcome is similar, maybe not as powerful.
But that tells us market sentiment is similar..
To round up I watch for these patterns even if they are out of context, for the market sentiment is similar imo.
For instance take GDA all the recent Candles since the large White Candle, all real bodies have stayed within the large whites body.
That is a prerequisite of the Rising 3, so something similar is at foot, time will tell call it sentiment imo.
Here is a Classic example of this on the chart below which shows market sentiment imo..
NIA was in a uptrend to me it formed a FALLING 3 METHORD AGAIST THE UPTREND You would know that Falling 3's are formed in a downtrend ( Text Book )as a Bearish Continuation, not in a uptrend.
I called a FALLING 3 on the 4th day saying it would trade below the First red candles opening price the next day (5th day).
It did that on the 6th day and confirmed it on the 7...lol a day or too out, and that is one of manny cases that why I say charts make you aware, expect the unexpected..lol
So that go's to show sentiment is the same or simular.. Imo
I also ask you if you thought the Rising 3 was doomed from the start because the stock was in a downtrend, why didn't you point that out earlier....lol
It's always easier with hindsight isn't it..lol
But then again GDA went Bullish Today..So is that MARKET SENIMENT that I got right or Good Luck on my behalf.....BIG LOL..
Cheers Pete.
pps As I said solong as the 2.4 holds...it's OK.