Friday's rally across the board pushed the price back to all time high area. There is no doubt that the market participants had reversed their sentiment. Trapped shorts only added the fuel. But buying at this point even more riskier. Double top usually is a pattern that plays first before anything else. Even though we may not see a strong push back some selling should occur. If not then the market communicates an important information that should be taken into consideration.
The area above the broken consolidation is a potential playground for future market action. The market is trying to establish a top and then starts to fill in between. Could it go higher? It could. But I think there are many eyes watching and wait for a pull back first and double top may trigger that. The earning season is approaching and the parabolic move ahead of it is unlikely to be sustained.
10/5/2019
The area above the broken consolidation is a potential playground for future market action. The market is trying to establish a top and then starts to fill in between. Could it go higher? It could. But I think there are many eyes watching and wait for a pull back first and double top may trigger that. The earning season is approaching and the parabolic move ahead of it is unlikely to be sustained.
10/5/2019
