Triple Tops and Bottoms Don’t Hold

The 60-minute chart of QLD shows a general rule of thumb I follow. Triple tops and bottoms are generally going to fail. In this case, the bulls just couldn’t be held down. After the double top, they made another run at the high. The bears couldn’t hold them down. The trend is up on the daily chart. That 4th push should follow through, and did. Also note the double bottom, which is followed by two higher lows. It sounds simple, but it does usually work.