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Bearish Three Black Crows
Bearish Three Black Crows
This pattern indicates a strong reversal in the market. It is characterized by three normal or long candlesticks decrementing downwards. The opening of each day is slightly higher than previous close and prices progressively close at lower levels. This staircase like behavior signals the reversal of the trend.
How to identify
Three consecutive large body red days with lower closes each day.
Each day opens within the body of the previous day.
Psychology
Pervasive profit taking takes its toll on those who remain long. This induces a snowball selling effect in the coming days.
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