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Double Top

FARM Wedge and W Pattern TargetsA ton of different alts making the same patterns. Smaller wedge breakout is headed towards the 200 day EMA (also halfway point towards TP 1) and then TP 1 and then 2. Smaller wedge reaches all its targets and remains above middle of W pattern, W pattern / double-bottom recovery begins and heads towards its TP 1 and 2 (with its halfway point to TP 1 equal to smaller wedge TP 2) Longer-term wedge success likely hinged upon all of the above succeeding, while DXY must not turn up quickly and strongly from where it is now (needs to continue moving down below 100, or hang out b/w 101-103 for a good while prior to moving up). Also be wary of Bitcoin Dominance, which looks bullish atm. If conditions are met, long-term target looks to be a slightly lower high double-top, for now. See related ideas in the links below, again many alts are making nearly identical recoveries along w/ Bitcoin.
COINBASE:FARMUSDLong
by dudebruhwhoa
3
SPX: Imminent Crash! Next Key Points to Watch.• The SPX reversed the short-term bull trend, as it lost our 21 ema in the 1h chart, failing in breaking the previous top (it did a Double Top chart pattern around the 4k); • In addition, it lost the support we mentioned yesterday, at 3,950, indicating a sharp correction – maybe even an overreaction; • Either way, the 3,950 is a new resistance on SPX, according to the Principle of Polarity; • Now, it seems the index is heading to the 21 ema in the daily chart, as I mentioned yesterday (link to my previous public analysis is below this post, as usual); • What’s more, it triggered our Shooting Star candlestick pattern, which reinforces the bearish sentiment, at least for now; • Let’s pay attention on how it’ll react around the 21 ema in the daily chart. Remember to follow me to keep in touch with my daily analyses!
SP:SPX
by Nathan_The_Finance_Hydra
6
TSLA: BULL TRAP? Pay Attention to the Most Important Support!• TSLA crashed yesterday, and it seems it wants to resume the bear trend, making the previous rally a bull trap; • Today, TSLA is trying to lose the 21 ema in the 1h chart (pre market), and if that’s the case, we can expect more drop ahead; • What’s more, if it loses the 21 ema in the 1h chart, it’ll lose yesterday’s low at the same time, triggering a Dark Cloud Cover pattern in the daily chart; • The area at $123 is the next technical support level in the 1h chart: 1) previous top level; 2) 38.2% Fibonacci’s Retracement; 3) Gap level; • Therefore, in my view, the $123 area is the most important support level. If TSLA loses it, the bearish momentum will persist, and it could easily seek the $100 again; • In order to frustrate this bearish thesis, it must stay above the $123, and do a very good (bullish) reaction; • I’ll keep you updated on this everyday, as usual. Remember to follow me to keep in touch with my daily analyses!
NASDAQ:TSLA
by Nathan_The_Finance_Hydra
9
Double-top may be in the cards for Bitcoin & Crypto MarketI feel like a recovery is well on its way here. Larger falling wedge is targeting a double-top with a slightly lower high - much of the crypto market looks the same, expecting something similar with many alts, ethereum may be an exception to this as it could stop a bit over 3k. Although, I think it's possible it could turn into a slightly higher high to push folks into a potential run to 100k before pulling back hard. Smaller falling wedge is testing wedge top now. May or may not see a brief pullback before we attempt to break out of it - daily RSI is near 81, while the 3 day RSI still has plenty of room to run. Smaller falling wedge breakout would target an area just above resistance. Watch closely what DXY does here, if it manages to hold below 103, we could see a bigger recovery. If it reclaims 103 and hangs out there before moving back up again - a much shorter recovery, here's an old chart I publish with a new addition showing the case for losing 103 (original chart linked in related ideas below):
INDEX:BTCUSDLong
by dudebruhwhoa
5
MELI Engulfing Green Bar Three Line Bearish886.75)MELI is like a hydrid between Shopify and Amazon on the South American markets Fundarmentally its revenue compared to market cap is more favorable than either of those. On the weekly chart, MELI double topped to its historical high in February 2021 and September 2021. It then descended to a pivot bottom in July 22 The chart now shows a large green engulfing candle taking out most or all of the previous 5-15 candles or a so called " Big Ass Candle". This could represent the end of a consolidation period and the beginning of the resumption of down-trending price action. Last August a similar engulfing green weekly candle preceded a downtrend. I have plotted the long-term anchored VWAP and also the 6-month volume profile. I will take a short swin trade if price drops below the POC line of the volume profile. ( 886.75) If however, price approaches or crosses the VWAP ( 1060) I will take a long trade. Given the stock price a 6 month expiration call or put option may be the best trade method allowing for the taking of multiple contracts and then scaling out type trade management stratery.
NASDAQ:MELIShort
by AwesomeAvani
AMD double-top indicates a fall back to 50 by JanuaryAMD has been trading in a descending channel for the past year. A double-top has just formed near the upper resistance line. This would indicate that the price will go lower shortly. It's possible a triple-top could form before this happens. It's also possible that a cup and handle have formed and the price will break out from the channel. But based on the past pattern cadence and the angle of previous price drops, I expect AMD to hit 50 sometime near the end of December or the beginning of January. I'll be watching closely over the next couple of trading days to confirm.
NASDAQ:AMDShort
by cdnbuzzard
3
SPX: Imminent CORRECTION? Maybe.• Today, we see SPY and futures dropping this morning, a prelude of a correction; • This isn’t a big surprise, but we’ll have to update a few key points that we mentioned in our previous study, yesterday (link below this post); • In theory, the index could correct up to its 21 ema, and the bull trend would still be intact, the problem is that the futures already lost their 21 ema, and we see a clear bearish structure on it: • Futures did a Double Top chart pattern yesterday, and today, the pattern was triggered, while it did a clear lower high/low, losing the 21 ema at the same time; • The area around 3,969 is the key point now, and only if we see a very good reaction in this area, we would see the index avoiding a further correction; • A further correction would take the index back to the 21 ema area in the daily chart, which is near the 3,889 support (previous top), as seen on the chart above; • Although corrections are expected, as long as the index remains above these support levels in the daily chart, the trend won’t actually reverse; • I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analyses!
SP:SPX
by Nathan_The_Finance_Hydra
3