What a day today for US markets...Almost a perfect bull trap....Gap Up...Hold the gap till the last 45 mins and then sell off...Beautiful!
Now seriously speaking this is a bearish pattern that has formed today...There is also a wedge looming out there....Will it mark a significant top or is it just normal profit booking? I do not know for sure...But all the signs are there for a significant pullback to happen...
See chart above...I have indicated 2 important things here....First the obvious double top potential and the resistance line. The next one is volume - see how the volume came back today after a couple of low volume days - And see how quickly the downmove came...Its treacherous out there.
Overall today painted a bearish picture...We need to see if we get continuation.
Lets wait and watch..Will put up my Indian Market updates and some other articles soon.