Here is the possible megaphone pattern referenced in the last post.We would need to break the false breakout line and the 8 dema as a first sign that the market might be reversing
the 8 dema "trigger line" is Steve Bigalow's system for trade entry
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i didnt know megaphone patterns were a "thing." how reliable are these formations? At first glance it seems easy to tell that the megaphone shows increasing market volatility thus increasing risk of a correction, but what does history say?
ReplyDeleteThey are quite rare. Broadenin top pattern may have been better description,maybe theyre the same ...
ReplyDeleteI suggest you look up both in Thomas Bulkowski's site.He rates patterns according to frequency and reliablity
For me the FB line and 9dema setup will take precedence,the rest is just observation