Megaphone formation stock market

Megaphone formation stock market

Posted: RedDevil Date: 12.06.2017

The stock market appears to be heading toward one of those rare occasions, when a record high contributes to a bearish technical pattern, that suggests the biggest selloff of the year could be right around the corner.

A textbook pattern, as shown below, starts with three higher highs, and two lower lows. The idea is, trends tend to reverse following periods of rising volatility, as increased uncertainty keeps sellers at bay a little longer, and as buyers need deeper dips to jump in.

megaphone formation stock market

The Dow Jones Industrial Average DJIA, And technicians always say, the more similar patterns appear across indexes, the more likely they are to play out. A further rally from current levels that clears the resistance line by a wide margin would do it.

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Tomi Kilgore is MarketWatch's deputy investing and corporate news editor and is based in New York. You can follow him on Twitter TomiKilgore.

megaphone formation stock market

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