Classic Double Top on Nasdaq

[Jamesstefines]

This signifies a stock market peak that might continue for a while now.

 

[Specterx]

My guess is the market will look weak going into Dec, giving the Fed cover to announce more stimulus, and then do a stealth breakout to the upside over an xmas/new year's holiday session.

 

[shriekpurser]

Looks like a ranging pattern to me. The market might even continue to range.

 

[Kagisopeter]

It’s good to be a part of the community that always encourages fellow traders to get better at their skills.

 

[Evrardmakon]

You cannot be correct with your judgements all the time. It’s difficult to make the right decisions every time.

 

[Gleycooym]

This is a really good community for traders. I have learned a lot from here. Thanks.

 

[maxinger]

I'd call that a classic ranging pattern.
Price is ranging from ~10800 to !12400.

Where is the market going to go from here?
It might continue to range ( or people call that triple top, quad top, penta top ...),
or it might break up,
or it might break down

The RSI negative divergence will not reveal the answer.
Only a powerful reliable crystal ball can reveal the answer.

NQ just broke the previous record high of 12466.

There are thousands of professional writers who
talk about classic double top.
They'd say that that indicates market gloom and doom.

Unfortunately, they don't spend millions of hours
staring at the charts.

 

[justinbastian]

This is a really good community for traders. I have learned a lot from here. Thanks.

 

[oraclewizard77]

You cannot be correct with your judgements all the time. It’s difficult to make the right decisions every time.

That's why you use a stop loss. If you can be right more than 50% of the time, you can make money.