Is this a double top?

Kastro_316

Kastro_316

Hey guys!

Can anyone tell me if this is a double top please? Or is it just a new channel?
Its a 1 hour chat (candle)


Have a good weekend everyone,
-Kastro
 

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Thats a tilted Head & Shoulders pattern. Tilt you head 36% to your left and look at it again:

2742827810059272304FtFhph_ph.jpg
 
If this pattern is accompanied by the negative divergence with MACD, I would bet for reversal and sell short at 141,50 with stop at 142,50
 
If you think Governor Fukui will declare an official end to quantitative easing, bet on the double top holding. If say the Chinese real estate market suddenly collapses, bet on a channel continuation. An immediate yuan float would probably produce a whipsaw breakdown-breakout.
 
Whether any technical pattern results in a channel or a trend reversal depends on the count. All technical patterns are simply geometric manifestations of an internal count.

Since I can't see the beginning of the movement in your graphic, I can't say whether it's a top or not...

Good luck!

fx
 
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