S&P500- Unlikely to be a Double Top reversal pattern.
Look at past S&P500 'classic' Double Top reversal formations (double equal height arrows).
Current price breakout is unlikely to complete into a Double Top reversal formation, since the second peak (green arrow)is significantly higher than the first peak.
Double Tops
A double top forms when the price makes a high within an uptrend, and then pulls back. On the next rally the price peaks near the prior high, and then falls below the pullback low. It's called a double top because the price peaked in the same area twice, unable to move above that resistance area.
Current price breakout is unlikely to complete into a Double Top reversal formation, since the second peak (green arrow)is significantly higher than the first peak.
Double Tops
A double top forms when the price makes a high within an uptrend, and then pulls back. On the next rally the price peaks near the prior high, and then falls below the pullback low. It's called a double top because the price peaked in the same area twice, unable to move above that resistance area.