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Double Top

Gold Analysis: Double Top Formation Suggests Downward In our previous analysis, gold has achieved our targets after bouncing off the area we referred to. Currently, on the hourly and two-hour timeframes, gold is forming a double top pattern with a divergence on momentum indicators, indicating a lack of liquidity to push prices higher. We are waiting for the price to break the support and neck line of the pattern below the level of 1911.466, to decline towards the next support line at 1888.40 . From there, we may determine in another analysis the price scenarios, either bouncing up in response to market panic due to bank bankruptcy crisis or continuing to decline towards 1866.68 to fill the gap left by previous movements and test the monthly support line there. However, if gold continues its upward momentum and breaks the level of 1942.50, it will continue its path upward to the level of 1955. ------------------------------------------------------------------------- Let me know your thoughts in the comments, and show your support by liking the idea. Please follow if you're interested in more ideas like this. Your support is greatly appreciated!
OANDA:XAUUSDShort
by Candlestick_OB
NVDA- Overbought & Over-ExtendedBeen eyeing NVDA for quite some time now after playing the breakout from the inverse head and shoulder's it had been holding. However, with broader market conditions being what and where they are, looking for a bit of a retrace here on NVDA prior to its earnings. Overbought on almost every timeframe, MACD Death Cross, bearish divergence on the RSI, as well as a bearish ABCD Elliot wave on the daily timeframe and a massive bearish harmonic pattern on the weekly timeframe along with a double top on the 4-hour timeframe (See Attached Charts Below). NVDA is simultaneously rejecting a major RSI-based demand level, which is exactly where the .78 FIB level lies. Watching closely here- some FIB levels and RSI-Based supply and demand zones to keep an eye on in the meantime- Bearish short-term, Bullish long --Weekly Timeframe-- --4-Hour Timeframe--
NASDAQ:NVDAShort
by jacobosiason7
2
BTC 1W Double TopBitcoin has formed a double top formation on a 1W time frame, potentially breaking 200D SMA and falling through the gap on VPVR on the right to the first serious support in orders history. The price target is 17450, which means a retest of a 17500 round price resistance. Waves have shown a local top, and the aggression of selling is now below zero. Of course, there is still time for a week to close without a sell signal, but considering how fast the price and BTC dominance are dropping, I felt the need to share a thought. Also, there is a double top on the weekly RSI that is not shown on this chart that you might consider. And keep in mind that 200D SMA is a serious support. If broken, this market-manipulated bull run is over.
Short
by RockinHood
EURJPY, Double Top Bearish Price actionEURJPY has been shaping up for a big sell opportunity as we can see price was rising within an ascending channel which impulsively broke downward forming a bearish correction. Double tops have been confirmed indicating more downside is possible. As we see many different target levels that price could test, it may take weeks for this sell to make its way all down. Take your profits as the market gives you, ensure proper risk management and exit criteria is implemented. Thanks Trade Safe
Short
by ktlfx
1
EURJPY Approaching Support for ReboundThe EURJPY currency pair has reached the end of its upward trend, as shown in the chart. It has faced resistance at several levels and has been unable to create new highs. Momentum indicators also show signs of divergence. However, the price is now approaching an important support area where the upward trend line meets the 50-period moving average on the hourly timeframe and the 61.8% Fibonacci level. I expect the price to respond to these levels and go up to 145 before falling again to break the previous support line and target 143. ------------------------------------------------------------------------- Let me know your thoughts in the comments, and show your support by liking the idea. Please follow if you're interested in more ideas like this. Your support is greatly appreciated!
Short
by Candlestick_OB
QQQ Looking super double toppy ish right now - almost text bookSo im looking at a textbook look at a double top pattern and this set up looks to be almost identical - There's going to be a drift higher before the fade really comes in. That may be in the form of a slight green day Thursday into Friday but I would wager that Friday is gonna start a blood bath. Worst case scenario Monday its going to drop off for a nice money maker move. you can play a few options here that give decent time and are reasonably priced and will most likely allow for even better entry before the drop off. Casino Style: exp 2/24 $295 PUT Risky but cheap and might payoff big: exp 2/28 $290 and $295 Reasonable across the board in terms of time and cost -- exp 3/17: $280, $285, $290 3/31: $280 - should provide little worry and good % back on money ALL THAT being said - as soon as the PT of $285/$284 is hit its time to bounce - that's what ill be doing - obviously with some of the longer exp you could hold longer... forextraininggroup.com I tried to put the image on here of the textbook pattern but couldnt figure out how so heres the link
NASDAQ:QQQShort
by arich1282
2