Unique Three River Bottom Bullish Candlestick Pattern

The Psychology
In a downtrend or during a pullback within an uptrend, a black day occurs. The second black day that has a long lower black shadow indicates the possibility of an intraday washout of the bulls. Since the third day gaps down, the bears are still thought to be somewhat in control, but the higher close (inability of the bears to push the stock down) suggests the bearish tone may be changing.

The first day is a long black day, followed by a Homing Pigeon whose lower shadow makes a new low. The last day is small and white, and closes below the second day’s close.

Pattern: reversal
Reliability: moderate