Captain, whilst you wait for WW I thought I would offer some of my amateur musings on the stock, as it's an interesting find. Advanced Micro Devices I assume.
Re Double Top. From WW's comments the other day on Double Bottoms I can tell you his answer will be no. WW showed he'll want a text book approach, being when a "M" is complete by dropping below that mid bar at $9.85.
Didn't want to argue it the other day on double bottoms as that is what the textbooks say, but to me it depends on whether you want to be an analyst or a trader, as by the time it gets down there you've missed the move. For me it is a double top already, once the second peak is confirmed by a down bar, as long as peaks are within 3% of each other and it occurs at the top of a clear trend up. However, that doesn't make it a good trade, you need to add that information of a likely but incomplete double top pattern to other clues to form a more complete picture.
EW: Basically it looks like a Wave 1 which will eventually roll over into a Wave 2, with 61.8% typical retracement. However, that also doesn't yet confirm that this is it as there is some headroom above to keep going. At the smaller scale there are 5 subwaves up, then the break and then a Wave B, so that does support your view but again not convincingly.
Trend Lines: You have an uptrend line that is being tested as of that last Weekly red bar three weeks ago. However, the TL could hold yet and legitimately reform. So again unconfirmed. Uptrend is still intact on the Monthly for the moment.
Taken together, double top, EW, TL, what you're watching is this stock rolling over, but without anything confirmed. Close, but not yet.
I also have a system of counting weekly bars for counter-trends and that suggests the uptrend is more likely to reform than breakdown.
I'd suggest the test you want of which way to go is now a lower low on the weekly chart. You got a lower high two weeks ago, but no lower low yet, nor even any red bar after that last green.
Entry for test for me will be a break below 11.86 by three cents or more. Once that happens, you have your lower low, TL broken and also more confirmation on the double top. Of course, but then it will probably run away from you, so again a traders dilemma.
Conclusion: Although rolling over and testing a breakdown, nothing confirmed yet for a short trade and I have a slight suspicion this might hold here and head back up. Enter short if $11.82 hit. Watch for more confirmation otherwise.
It is soaking up some time with it's mostly sideways move this year, so WW might be able to add some further time analysis for you.
(20min delay)
