Classical topping setup observation that i can recognised works like this (but not all the time):
When 2nd higher high happen which coincide with channel top, MACD still healthy also making a higher high BUT a little warning has emerged as the price angle from 1st to 2nd high is 24 degree while the MACD 1st to 2nd high angle is only 2 degree! Besides, histogram is showing bearish divergence as well.
When price made a 3rd higher high, the steepness is only 6 degree while the MACD is showing a -6 degree of down slope. Thats the CLASS A bearish divergence (with histogram lower than previous two also)
My short entry was triggered @78.8 using lower timeframe, and well enough i got hurt again first on very next day when price made an intraday high of 79.71, not very worry as my next short is waiting at 80.01 :-)
1st target 72.50, to see whether the support is reliable or not
When 2nd higher high happen which coincide with channel top, MACD still healthy also making a higher high BUT a little warning has emerged as the price angle from 1st to 2nd high is 24 degree while the MACD 1st to 2nd high angle is only 2 degree! Besides, histogram is showing bearish divergence as well.
When price made a 3rd higher high, the steepness is only 6 degree while the MACD is showing a -6 degree of down slope. Thats the CLASS A bearish divergence (with histogram lower than previous two also)
My short entry was triggered @78.8 using lower timeframe, and well enough i got hurt again first on very next day when price made an intraday high of 79.71, not very worry as my next short is waiting at 80.01 :-)
1st target 72.50, to see whether the support is reliable or not