double top on apple


hey traders,

on apple , from October we see very bearish mood.
the market was in a downtrend and followed a falling channel .
after the market hit 142 leve we see a steady retracement and 10th of January the channel was violated.

now, the market looks really overbought and formation of this double top leaves us clues that with high probability bearish will come into play.
(also, on a 4 hour chart we see a nice completion of a bearish abcd pattern)

I will be waiting for a bearish violation of local support to sell the market.
Target is based on structure.
Stop above tops.

good luck!
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Perhaps the most important aspect of a Double Top Reversal is to avoid jumping the gun. Wait for support to be broken in a convincing manner, and usually with an expansion of volume. A price or time filter can be applied to differentiate between valid and false support breaks. A price filter might require a 3% support break before validation. A time filter might require the support break to hold for 3 days before considering it valid. The trend is in force until proven otherwise. This applies to the Double Top Reversal as well. Until support is broken in a convincing manner, the trend remains up.
+2 Reply
@BrianReeves, maaan,totally correct ! Thank you for you thoughts, I have absolutely the same view
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