Honestly, I could never trade with stuff like MEGAPHONE pattern
Reports of the demise of the Megaphone may be greatly exaggerated.
Last week $SPX exceeded the upper trend line of the Megaphone pattern and calls of the pattern’s death have been plentiful since then. But is the pattern truly invalidated?
Since the summer I’ve state clearly: For bulls to convince they need to break above the trend line, then successfully retest the trend line and then they can move onto the melt-up move if that’s what they want to do.
Well, price has clearly moved about the trend line:
Now you can blame/credit central bank intervention all you want, but reality is price moved above it. But does this confirm the breakout?