Question: Does the fractal pattern called a '3 Peaks' operate in reverse? Answer: Yes it does.
See the chart. This is a popular headline commodity using the ETF instead
Some finer detail is missing since this is a line chart in a daily time frame.
The hourly chart captures all the subtle details such as the nuances of #15 thru #23.
Here is the key to finding the fractal in reverse. Is there a head and shoulders bottom?
When you see that then go into a search mode for the fractal and often it will reveal itself.
What that means is that prices will need to retrace back to the #14 target.
(Which is exactly what happened here).
It appears as if a new bullish 3 Peaks is now forming from the #28 area.
There is a change of trend date for this market from Feb 20-23.
A pullback at this time along with other supporting indicators, could be a trade opportunity.
This might include Forks, Trend lines, Sentiment, Stochs, Moving Averages, Elliott wave etc.
Trade humble. The markets are always right!