Three Drives

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Three Drives

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.
praveen.bhatiya praveen.bhatiya TOP TV18BRDCST, 1D, Short ,
TV18BRDCST: Three Drives on the Top reversal pattern.
140 2 5
TV18BRDCST, 1D Short
Three Drives on the Top reversal pattern.

I've observed Three Drives on the Top reversal pattern in the stock. One can take small risk by providing the SL of high of today. Disclaimer : All stock ideas and comments are my personnel view. please take financial consultancy for trading decision.

praveen.bhatiya praveen.bhatiya TOP EICHERMOT, D, Long ,
EICHERMOT: BUY : Bullish Three Drive Reversal Pattern
126 0 3
BUY : Bullish Three Drive Reversal Pattern

Stock has formed the pattern nicely one can observe the exactly same bar distance for 2nd and 3rd leg. This symmetry is very important for this harmonic pattern. One can buy the stock now expecting the pattern to work. Entry 27500 Sl 26500 Target 29170/31000 Disclaimer : All stock recommendations and comments are my personnel view please take financial ...

praveen.bhatiya praveen.bhatiya TOP ALBK, D, Long ,
ALBK: Bullish 3 Drives pattern
101 0 6
ALBK, D Long
Bullish 3 Drives pattern

The bullish three drives pattern offers a potential reversal point for a bearish market after forming three consecutive bottoms. The symmetry is very important for this pattern and its clearly visible in this case. Although the stock has already reacted from the third bottom but yesterday news based pull back could be used to enter the stock. Entry : 69.75 Stop ...

praveen.bhatiya praveen.bhatiya TOP BAJAJ_AUTO, 60, Short ,
BAJAJ_AUTO: SHORT : Divergence & multiple resistance
54 1 5
BAJAJ_AUTO, 60 Short
SHORT : Divergence & multiple resistance

Clearly divergence in MACD and RSI are telling the forthcoming weakness that too at the level of multiple resistance so one can take chance by shorting the stock. STOP LOSS Little above the recent high. Just to mention that divergence at the top are relatively tricky comparing to formed at bottom.

praveen.bhatiya praveen.bhatiya TOP CENTURYTEX, D, Short ,
CENTURYTEX: SHORT 3 Drive Pattern at Top
102 0 6
SHORT 3 Drive Pattern at Top

The stock has nicely formed bearish 3 Drive pattern. The last candle is Doji which shows indecision but need confirmation. One seeing the weakness it could be shorted with very small Stop Loss of just little above the recent high on closing basis. Mostly, this pattern rewards decently and that too in reasonable time.

praveen.bhatiya praveen.bhatiya TOP CANFINHOME, D, Long ,
CANFINHOME: Buy Bullish 3-Drive Pattern with Divergence
128 6 8
Buy Bullish 3-Drive Pattern with Divergence

The pattern is formed by 3 consecutive symmetrical valleys where price and time symmetry is the most important key. The stock has formed perfectly the aforesaid pattern. It is also showing the divergence which confirms of possibility of a reversal from this level. The pattern typically offers excellent risk/reward ratio therefore one can invest/Trade the pattern ...

Einstein15 Einstein15 INFY, 60,
INFY: INFY Channel Breakout
190 0 10
INFY, 60
INFY Channel Breakout

INFY is moving in a channel for a while, a nice Three drives pattern. Currently on the edge, awaiting a breakdown/reversal post results Notice the steep fall on the last leg compared to previous ones.

praveen.bhatiya praveen.bhatiya TOP NIFTY, D, Short ,
NIFTY: NIFTY SHORT :Harmonic 3 Drive Pattern
186 0 4
NIFTY, D Short
NIFTY SHORT :Harmonic 3 Drive Pattern

The Index has formed Harmonic 3 Drive Pattern at the top of the rally and clearly Showing RSI Divergence showing weakness in the coming days. One can short it with appropriate stop loss. As mentioned in my earlier post that Divergence made at the top are little tricky compared to the one formed at the bottom. Good Luck

ashwinkpes ashwinkpes GLENMARK, D, Long ,
GLENMARK: Three drive pattern - Glenmark- Long traget 915-918 SL 840
69 2 2
Three drive pattern - Glenmark- Long traget 915-918 SL 840

Three drive pattern found in Glenmark. Go long with SL 840 for a target between 915-918

praveen.bhatiya praveen.bhatiya TOP LT, D, Short ,
LT: Larsen & Toubro 3 Drive SHORT
127 7 5
LT, D Short
Larsen & Toubro 3 Drive SHORT

The stock is nicely formed 3 Drive pattern so it may bring halt to the ongoing uptrend. Today's Bearish Engulfing and RSI reading are also confirming the short trade. One can short the stock with appropriate Stop Loss.

praveen.bhatiya praveen.bhatiya TOP VOLTAS, D, Short ,
VOLTAS: VOLTAS Short 3 Drive Pattern
174 3 7
VOLTAS Short 3 Drive Pattern

Beautiful 3 Drive pattern is developing in the stock so get ready to take advantage it. Short the stock on first sign of weakness by providing the suitable Stop Loss and enjoy the ride till the price range 345 - 341.

praveen.bhatiya praveen.bhatiya TOP NCC, D, Short ,
NCC: NCC SHORT Multiple patterns !
154 0 9
NCC, D Short
NCC SHORT Multiple patterns !

I would short the stock tomorrow opening with SL of 88.50(Closing basis) and expect a target of around 80 and framing the trade with the following reason : 1. The stock is showing good frequency around the lines. 2. it is having 2 Drives and Wolfe wave developed confirming a potential reversal. 3. MACD is showing Divergence & Stop loss is affordable to me so looks ...

praveen.bhatiya praveen.bhatiya TOP IDEA, D, Long ,
IDEA: IDEA Buy : 3 Drives Reversal Pattern
138 2 6
IDEA, D Long
IDEA Buy : 3 Drives Reversal Pattern

3 Drives Reversal pattern offers entry to go long in the stock for a target of around 80. One can adjust the stop loss suitably as per his trading style.

praveen.bhatiya praveen.bhatiya TOP HCLTECH, 60, Short ,
HCLTECH: Harmonic 3 Drive Pattern Reversal !
78 0 4
HCLTECH, 60 Short
Harmonic 3 Drive Pattern Reversal !

Beautiful Harmonic 3 Drive Pattern Reversal offers good opportunity to short the stock at current level. Mostly the pattern works and rewards with reasonable profit. Good Luck

praveen.bhatiya praveen.bhatiya TOP AXISBANK, 60, Short ,
AXISBANK: 3 Drives Pattern Reversal!
73 0 2
AXISBANK, 60 Short
3 Drives Pattern Reversal!

Axis Bank may see a down move from this level as the aforesaid pattern seems to be taking shape.

praveen.bhatiya praveen.bhatiya TOP NIFTY, D, Long ,
NIFTY: Harmonic 3 Drives pattern formed and seems working NIFTY
172 0 5
Harmonic 3 Drives pattern formed and seems working NIFTY

Nifty has formed the 3 drives pattern and try to reverse from this short time downtrend movement. Symmetry is the key to this pattern. Let's see how it works in coming days.

praveen.bhatiya praveen.bhatiya TOP ARVIND, D, Short ,
ARVIND: Classical Chart patterns in play Arvind
45 0 1
Classical Chart patterns in play Arvind

The chart has made a Cup with handle pattern but getting overhead resistance before reached the target. It has also formed beautiful triple drive on the top pattern and bearish engulfing in the last bar, therefore I would recommend to short it at current level with stop loss just at the high made a bar ago(on closing basis). With little bearish strength it could ...

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