There is a double top forming at the higher level in Swiss 20, if the index closes below 12520 we will recommend to sell the index with a SL of 12560 for a TP of 12480-12420-12320.

The Double Top breakout is only valid when the close is below the neckline, a 15 min candle close below the mentioned level will give a proper breakdown of the double top.

The Double Top failure rate if the formation is ADAM and ADAM is high compared to EVE and EVE or ADAM and EVE. In our scenario it's an EVE and ADAM formation, Pullback is common in the pattern.

If the RSI trades below 35 we will get another confirmation on the sell side.

The DMI- is trading above the DMI+ which directs a downtrend and the ADX is trading above the DMI+ which is strengthening the negative move.

The MACD is also showing negativeness. Overall the indicators and oscillator is giving a sell view, once the breakdown is seen in the currency we will suggest to sell.

SWISS20

Nov 19 2021