Special Consultant to the FPA
Well, probably yes, but Double Top sugests 2x ratio target - it will be even below XOP.The first picture is what I was looking at yesterday night, but could we consider the daily chart as the formation of a double top pattern? Which if completed could take us below the 0,618 FIB and for now oversold line stands in his way, IMO this is a less probable scenario but is it still worth considering?
For Double Top I prefer to see W&R of the first top. As we do not have it, I treat it just as AB-CD pattern. But this is not big difference to treat it as Double Top as well. This is just the question of the traget mostly.