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Double Top

Double Top on EUR/USD @ D1This double top pattern has formed on the daily chart of the EUR/USD currency pair following an uptrend that lasted since the beginning of 2024. It can be used as a bearish breakout setup. The two tops are marked with the upper yellow line; the neckline is marked with the lower yellow line. My potential entry level is at the cyan line (10% of the pattern's height below the neckline). My potential take-profit level is at the green line (100% of the pattern's height below the neckline). My potential stop-loss is not shown on the chart and will be set to the high of the breakout candle or to the high of the preceding candle if the breakout one trades mostly outside the pattern's borders. I won't be trading a bullish breakout from this trend-reversal pattern.
Short
by AndriyMoraru
Market Direction using SPY historical trend patternsFrom a technical perspective, there hasn't been a definitive signal indicating a trend reversal for the SPY 500. Back in May to October 2023, the SPY exhibited a clear "M" pattern or double top, experiencing a drop of approximately 5%, retracing back, and then dropping around 10%, forming the M pattern. If we compare this M pattern with the current price action, we observe a striking resemblance in the market behavior, as the price retraces from a similar percentage drop of around 5%. The question arises: Is the market genuinely recovering, or are we merely witnessing the formation of another M-shaped pattern!
AMEX:SPY
by MESHANL
3
AGIX - not looking good! Prepare for more downside.First of all, I acknowledge that I've changed my mind on AGIX short term price prospects (see previous post in link below). I acknowledged a risk of a pullback but the resulting move was much more decisive than I was expecting. The Bitcoin wobble has really sparked some sudden short-term reversals and hurt the technical charts of a vast number of coins, but it has also given hope to the strength of others (e.g. SOL). Unfortunately, AGIX is in the former camp. Not making any predictions on medium- and long-term prospects (so AGIX hodlers: this is not for you), but from a short-term perspective this chart is now looking decidedly dicey. Some more shenanigans at the BTC front (see second previous post below), could see AGIX dropping into the $0.50s before bouncing. Also note that the AGIX/BTC gives the same impression: I continue to believe the excitement around AGIX and the merger is not all hype, though and look forward to seeing it recover and mint a new ATH later in the year.
A
by Fractaleer