Double Top Breakdown: Measured Move Targets 2021 Top
**Double Top Pattern with Red Box and 2021 Top as Key Levels**
1. **Pattern Overview**:
- The **double top** is clearly defined with two peaks above the red box, signaling a significant bearish reversal.
- The **red box** represents the **neckline**, a critical level that has been breached, confirming the bearish pattern.
2. **Measured Move Alignment**:
- The **measured move from the double top breakdown** suggests a potential target that aligns closely with the **2021 top**, reinforcing it as a major support zone.
- This adds confluence to the setup, suggesting that the 2021 top may act as the next significant area of interest for buyers.
**Key Levels and Roles**:
- **Red Box**: Previously a support level, now acting as resistance after the breakdown.
- **2021 Top**: Positioned near the measured move target, it is likely to act as a strong support if the bearish move extends.
**Indicators Supporting the Bearish Case**:
1. **Parabolic SAR**:
- Bearish dots above the price confirm downward momentum.
2. **RSI**:
- Momentum leans bearish but remains above oversold levels, leaving room for further downside.
3. **Volume**:
- Weakening volume during the breakdown confirms reduced buyer interest and validates the bearish move.
**Scenarios**:
**Bearish Case**:
- A retest of the **red box (neckline)** could act as a resistance zone, confirming the breakdown and initiating further downside.
- The measured move target aligns with the **2021 top**, adding significance to this level as the next potential area of support.
**Bullish Case (Invalidation)**:
- Reclaiming the red box as support would invalidate the double top and open the door for a potential reversal back toward the highs.
1. **Pattern Overview**:
- The **double top** is clearly defined with two peaks above the red box, signaling a significant bearish reversal.
- The **red box** represents the **neckline**, a critical level that has been breached, confirming the bearish pattern.
2. **Measured Move Alignment**:
- The **measured move from the double top breakdown** suggests a potential target that aligns closely with the **2021 top**, reinforcing it as a major support zone.
- This adds confluence to the setup, suggesting that the 2021 top may act as the next significant area of interest for buyers.
**Key Levels and Roles**:
- **Red Box**: Previously a support level, now acting as resistance after the breakdown.
- **2021 Top**: Positioned near the measured move target, it is likely to act as a strong support if the bearish move extends.
**Indicators Supporting the Bearish Case**:
1. **Parabolic SAR**:
- Bearish dots above the price confirm downward momentum.
2. **RSI**:
- Momentum leans bearish but remains above oversold levels, leaving room for further downside.
3. **Volume**:
- Weakening volume during the breakdown confirms reduced buyer interest and validates the bearish move.
**Scenarios**:
**Bearish Case**:
- A retest of the **red box (neckline)** could act as a resistance zone, confirming the breakdown and initiating further downside.
- The measured move target aligns with the **2021 top**, adding significance to this level as the next potential area of support.
**Bullish Case (Invalidation)**:
- Reclaiming the red box as support would invalidate the double top and open the door for a potential reversal back toward the highs.
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