In the case of the triple top, an uptrend or long trading range should be in place. Sometimes there will be a definitive uptrend to reverse. Other times the uptrend will fade and become many months of sideways trading. The highs do not have to be exactly equal, but should be reasonably equivalent to each other. As the triple top develops, overall volume levels usually decline.
Volume sometimes increases near the highs.
After the third high, an expansion of volume on the subsequent decline and at the support break greatly reinforces the soundness of the pattern. The lowest point of the formation, which would be the lowest of the intermittent lows, marks this key support level. The distance from the support break to highs can be measured and subtracted from the support break for a price target. The longer the pattern develops, the more significant is the ultimate break. Triple tops that are 6 or more months old represent major tops and a price target is less likely to be effective.