Steve Nison on Tower Tops (TT):
The TT unfolds at high price levels. During a rally there's a lull after one or more green candles. Then one or more red candles emerge. This creates a top with green and red tower on either side smaller sticks. So WRBs on the way up and on the way down. The opposite of TT is the tower bottom.
AMGN rallied up to the RH from last week, carved out a tower top reversal pattern. Short as price breaks support. The characteristics of the TT pattern usually result in a fast move.
CELG was a sympathy play.
JOYG carved out a TT at the 50% FE of the PDL to the PDH. BUCY was the sympathy play.
B&B long on AMZN 1:30 15 min. bar failed. Markets were somewhat extended after yesterday's big move.