Sidelined investors sitting on cash want in but not at these levels. 2,800 is where they’ll pile in to send S&P to ATH
TrendTraderX
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Couldn't it also break above the megaphone? The megaphone concept can't go on forever beacause it some point it will be below zero.
azdevil
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i would only do that if i wished to loose money
daytra
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Bob Farrells rules#4 Exponential rapidly rising or falling markets usually go further than you think
ToInfinityAnd
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i have been seeing this rising wedge on my charts as well but after being deceived many times, can we trust it? i dont see another pattern
dereckcoatney
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I prefer to draw the megaphone pattern with the end of 2019 as an "overshoot". In doing so, you'll see that we just now overshot it again, which makes me believe a drop is more imminent. Try reducing the slope of the top line so that Sept '18, April '19 and July '19 are all support, and see how that looks to you. But we are definitely in a well-established megaphone structure here.
dereckcoatney
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@dereckcoatney, By support, I mean that they support the trend line, of course.