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Potential Triangle Right Shoulder On H&S

Published 04/22/2015, 01:38 AM
Updated 07/09/2023, 06:31 AM

A Triangle Right Shoulder Here Would Usually Break Out Downwards

It’s weird that today’s falling megaphone didn’t quickly break out upwards to its retrace target, and it’s weird that the late-day potential price channel along the formation top didn’t continue down to the channel bottom.

Often multiple weird events like this mean a triangle is forming.

If a triangle right shoulder develops here for the H&S, it would usually break out downwards.

It would also eliminate retrace requirements up here, though not retrace requirements for various older megaphones on the chart.

What that means is we could see a bounce off the big ES triangle bottom at roughly 2040, but we could also see a plunge straight to 1950 before a retrace to the 2050 area.

We could also see another new high after the coming dip to the 3-year price channel bottom if the correction doesn’t have a crashy enough candle in it.

Original post

Latest comments

the S&P doesn't give a ******about your megaphone obsession, Trader Moe. As your name implies, your writings are that of a stooge. You can think only have one pattern which is why you see megaphones everywhere. Give it up or learn a new pattern. When is the last time you've been right about anything, I can't recall.
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