Technical Analysis:
Triple Top: Line A - Line B
Triple Top Possible: Line X - Line Y
Confirmed Formations:
Triple Top: A-B
Up Trendline (-N-) break during wave (D)
Bounce off trendline (-X-) at point (E).
Notable Mentions:
Trendline (-X-) is 23.6% Fibonacci retracement of 2020 lows to Jan 2022 Highs.
Low volume at peak (C)
Increased volume at point (E) to the downside
Increased volume during the breakout to the downside of triple top A-B
Bearish: Break and sustain under (-Y-) possible return move (G) and or reversal at point (G).
Bullish: Break and sustain above trendline (-B-) from the A-B triple top and sustain above major uptrend line (-N-)
Please feel free to give your input, I am in the process of learning Technical Analysis and it would be an honor to learn from you.
Triple Top: Line A - Line B
Triple Top Possible: Line X - Line Y
Confirmed Formations:
Triple Top: A-B
Up Trendline (-N-) break during wave (D)
Bounce off trendline (-X-) at point (E).
Notable Mentions:
Trendline (-X-) is 23.6% Fibonacci retracement of 2020 lows to Jan 2022 Highs.
Low volume at peak (C)
Increased volume at point (E) to the downside
Increased volume during the breakout to the downside of triple top A-B
- Triple top formed inside trendline (-A-) and (-B-) inside the 5min timeframe. The last wave in triple top A-B did not touch the top of trendline (-A-), some may see this as a failed double bottom or false breakout.
- We entered a possible triple top formation inside trendlines (-X-) and (-Y-). This may turn out to be a triple bottom. Confirmation is to be seen after a sustained penetration below trendline (-Y-) or above trendline (-X-).
Bearish: Break and sustain under (-Y-) possible return move (G) and or reversal at point (G).
Bullish: Break and sustain above trendline (-B-) from the A-B triple top and sustain above major uptrend line (-N-)
Please feel free to give your input, I am in the process of learning Technical Analysis and it would be an honor to learn from you.
Comment:
Lots of resistance overhead, we closed under the 61% retracement of the breakout we had from the previous trading range. NVDA earnings and FOMC meetings will be a big factor going forward. I am not bullish or bearish, I simply execute based on price action, currently we sit in a bearish continuation pattern until pre-post market tells us different.
