I’m waiting for long opportunity for **CLVS** but although it’s down $3 since ER I want to get the best price possible for my long entry and on the daily this is a great example of a double top.
Too often *double tops* are used in the wrong sense (just two high peaks over any timeframe) but they form after an uptrend when price consolidates sideways in a channel before breaking down and it is strongly bearish.
Note the strong uptrend that gets rejected at $9.5(first top) and retraces to the $7( “neckline” and old resistance). The trend then bounces to similar $10(second top) before returning to the “neckline” and this time the oscillators are much less bullish one the second touch of support.
I will be waiting for a break below the trendline and join the buyers at a better long price 👌
Too often *double tops* are used in the wrong sense (just two high peaks over any timeframe) but they form after an uptrend when price consolidates sideways in a channel before breaking down and it is strongly bearish.
Note the strong uptrend that gets rejected at $9.5(first top) and retraces to the $7( “neckline” and old resistance). The trend then bounces to similar $10(second top) before returning to the “neckline” and this time the oscillators are much less bullish one the second touch of support.
I will be waiting for a break below the trendline and join the buyers at a better long price 👌