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The Fan Principle
BTCUSD, 1D
BTCUSD: The Fan Principle

Is this the Fan Principle? On page 74 of Technical Analysis of the Financial Markets. John J. Murphy says "breaking the third down trendline (line 3) constitutes a new uptrend signal". However, I'm not sure if price has to test each line properly from both sides for these to be valid trendlines?

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