Double Top on the Nasdaq ??? Sure looks like it

[Pekelo]

It was actually a TRIPLE double top.

1. First top mid-Feb, 2nd mid to late Apr.
2. First top mid-April, 2nd late April.
3. First top Apr 27th, 2nd April 29th.

 

[the_gem]

I guess you can call it a triple double too which is similar to a head and shoulder.
The nasdaq is in a boat load of trouble.

 

[the_gem]

The nasdaq is due for much more downside. The charts are screaming sell !
A lot of executives are now dumping their company stock because they fear the market topped and is crashing.

 

[the_gem]

The naz will drop again tomorrow.

 

[ph1l]

Using the last 121 calendar days of QQQ close prices adjusted for dividends and prices interpolated for non-trading days, I ran software to fit the data by combining a trend plus cycles for 10 models. The models predict QQQ will start an uptrend soon.

The + signs are the prices, and the curved lines are for the 10 models.

Example of a model:

y = ((((320.857 + (-0.0751422 * x)) +
    (0.00158177 * (x * x))) +
    (2.81601 * cos ((0.185033 * x) + 0.42711))) +
    (11.9334 * cos ((0.0927631 * x) + 3.81059))) +
    (3.69646 * cos ((0.246009 * x) + 4.08272))

y is the QQQ price, and x is the number of calendar days from the beginning of the period.

 

[the_gem]

I was clearly wrong about yesterday. There was a technical bounce and I am guessing the naz retreats after finding resistance at the 50 dma.

 

[murray t turtle]

The nasdaq looks like it has formed a classic double top with the RSI negative divergence confirming it.
However, its not 100% because the neckline ( 50 dma ) hasnt been breached yet. A break of 13500 with a close under it will confirm it. Its flashing a red flag though so keep your eyes open for possible shorts ( etf’s ).

%%
QQQ sure did in JAN + FEB;
but since then made higher highs/higher lows/higher closes. In + out of TQQQ+ 3 inverse ETFs.
I'm also watching including but not limited to 50dma.................................

 

[SunTrader]

I was clearly wrong about yesterday. There was a technical bounce and I am guessing the naz retreats after finding resistance at the 50 dma.

Can you post daily chart image showing recent 50 dma crossings supporting or resisting price very much?

 

[wrbtrader]

Can you post daily chart image showing recent 50 dma crossings supporting or resisting price very much?

He can not because he's been banned (multiple aliases that's been banned in the past)...his cover is blown when he ventures into the Political threads to start the same crap again.

• https://www.elitetrader.com/et/threads/thread-closed-in-political-section.358717/

Simply, if he wants to talk trading...best for him to stay away from the Political threads because his true self keeps getting revealed there.

wrbtrader

 

[SunTrader]

I see.