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

[the_gem]

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 ).

 

[wrbtrader]

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 ).

Can you post a chart of what you see involving the RSI Negative Divergence with the 50 dma while in this double top formation...

Thanks.

wrbtrader

 

[the_gem]

This is my take..

 

[wrbtrader]

This is my take..

Thank you for the chart analysis.

I think the Bearish move was signaled back 6 days ago via the Dark Hammer line almost in a Shooting Star position.

Price action now trying to bounce off the 50 dma was actually a profit target from the bearish signal 6 days ago.

Yet, if it doesn't continue back upwards and starts to fall again, below the lows of those hammer lines at the 50 dma...it should drop further but how far further is anybody guess.

wrbtrader

 

[SunTrader]

Without covering one eye while looking at that chart image in a dimly lit room during a lunar eclipse please tell me what effect did that 50 dma have on price during the previous swing low in March/April period?

 

[maxinger]

There is nothing to stop it from having triple top, quad top, penta top, hexa top.... Multi top.

 

[Cuddles]

That's a Karate Kid crane kick formation, obviously bullish.

 

[easymon1]

Without covering one eye while looking at that chart image in a dimly lit room during a lunar eclipse please tell me what effect did that 50 dma have on price during the previous swing low in March/April period?

"...what effect did that 50 dma have on price during the previous swing low in March/April period?"

That 50 was disrespected repeatedly back then, as is not the case so far in the recent bounce.
https://elitetrader.com/et/threads/...t-right-here-baby.335635/page-21#post-5368378

 

[the_gem]

Could this double top be playing out today?

 

[easymon1]

That 50 was disrespected repeatedly back then, as is not the case so far in the recent bounce.

Opened below Friday Doji. 50ma Disrespected.
https://stockcharts.com/h-sc/ui?s=$COMPQ