RKJK - you call yourself a technical analysis expert, yet you are calling BMN as a double top? Incredible!
You CANNOT call a double top until the price has fallen BELOW the low in between the two tops. That is when the double top has formed. Until then, it is purely a series of simple retracements.
If you read Weinstein (which, as a TA type you would have, right?) you will see tht BMN is following his exact pattern of a starting Stage 2 run - the pullback and bounce in August and now the uptrend having breached the high of the previous peak and still heading upwards.
Of course there will be pullbacks along the way - remember that an uptrend is defined as a series of higher highs and higher lows. In other words - there MUST be lows! But the uptrend at the moment is well and truly intact.
Of course, you could be proved right if it does fall over and sink below that August low. But I think that is highly unlikely, and if it did, your call would have been based purely on guesswork, no skill involved.
Nope - as a TA chartie (and probably for much longer than you) my money stays in BMN until that trend rolls over and it hits my trailing stop. Ain't nowhere near that yet....
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1 | 1200 | 2.280 |
1 | 2 | 2.200 |
2 | 12000 | 2.180 |
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Price($) | Vol. | No. |
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