Triple Bottom for TNY?
Updated
It appears as though 
TNY may have formed a triple bottom where I have the red fingers pointing right on the chart.
In my previous post linked to this chart I spoke about the descending triangle & potentially testing .335c, clearly visible on this chart we can see .33c is about exactly where a new double bottom was created, and thus potentially creating the third bottom of a triple bottom. We will need to see continued bullish price action next week & break out of this pattern flush to the upside, maybe create a top at 44c & consolidate sideways before continuing, who knows, only time will tell.....
The RSI appears to be breaking out of a Bull Flag, and on 5 year & 1 year time frame the RSI is fairly low with lots of room to move to the upside, "if we're looking at a longer term trend reversal."
Key Takeaways
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.
TNY may have formed a triple bottom where I have the red fingers pointing right on the chart.In my previous post linked to this chart I spoke about the descending triangle & potentially testing .335c, clearly visible on this chart we can see .33c is about exactly where a new double bottom was created, and thus potentially creating the third bottom of a triple bottom. We will need to see continued bullish price action next week & break out of this pattern flush to the upside, maybe create a top at 44c & consolidate sideways before continuing, who knows, only time will tell.....
The RSI appears to be breaking out of a Bull Flag, and on 5 year & 1 year time frame the RSI is fairly low with lots of room to move to the upside, "if we're looking at a longer term trend reversal."
Key Takeaways
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.
Comment
On the RSI we can actually see the Triple bottom as well, notice where I've put the fire extinguisher as the first bottom, it coincides perfectly with the red finger pointing right. The triple bottom is similar to the double bottom chart pattern and may also look like ascending or descending triangles, and we can see the descending triangle which will be broken to the upside next week likely.Comment
Each bottom on the RSI is actually creating a higher low as well.
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