If you are planning to file an application for a logo with three graphic elements above and two below, you can probably count on an objection from Lausanne, Switzerland; or to be more precise, from the IOC.
The IOC will fight tooth and nail to protect its trademarks. Trademarks containing the word Olympic are out of the question.
It also guards its logo fiercely, as was made clear by a recent objection concerning a logo with three hearts above and two hearts below and the text 'link heats by love'. An application for this trademark was filed with the European Union for items including bags and clothing.
But just because the IOC objects to everything does not mean that they are always successful. In this case, the European Trademarks Office was not convinced of the similarity and saw mainly differences: the figures are different and the text in the contested trademark is not found in the IOC's trademarks. In other words, they found no similarity between the two trademarks.
This conclusion demonstrates that the mere fact of having three graphic elements above and two below is not enough to automatically assume a similarity with the IOC's logo. Greater similarity is required.