As long as the Double Top pattern remains intact, the market is likely to continue its downward trajectory, potentially targeting the 75,000 level. This pattern suggests a strong reversal signal, and if the price doesn't break above the neckline, the downside target of 75,000 seems increasingly probable.
However, if the Double Top is invalidated and the market breaks above the highs, that would indicate a shift in momentum. Even in that case, I’m still not seeing much upside potential. The FOMO (Fear of Missing Out) seems to have already driven prices higher, and this is often where retail traders get caught—buying into the market at peak levels, just before a potential pullback. Historically, this is when retail traders tend to go wrong, as they buy into the hype and end up holding during the inevitable market drop.
Therefore, I continue to advocate for being on the sidelines or even shorting the market against the high that was established when the market touched 108,000. If the market does break the Double Top and pushes higher, the next resistance zone would likely be around the 115,000 level. However, even in that scenario, I expect the price to eventually retrace and drop back towards the 75,000 area, forming a deeper correction.
Do what others don’t know, and don’t do what others know.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Do what others don’t know, and don’t do what others know.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.