-first one it fall until it reach the major first support and rebound on it to retest the high of the megaphone (70% probability) -second one it fall and break the major support (last ATH)and keep falling until reaching the down trendline of the megaphone (20% probability) -third one it breaks up the megaphone and keep rising until reaching an undetermined level (10% probability)
make your bet. personally ill wait until it reach the major support and see the price reaction before taking the decision to short or to buy
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and if it breaks up the megaphone ill buy
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taking a short from here its not a dumb thing but still risky because the trend is up so personally i dont try it
The prior initial peak isn't part of the megaphone as far as I know, it's where the change of trend ends that is the start of the pattern (the A of the ABCDE). So I think the top line should start at around 2945. So point E was in March, now we get to see new highs as part of a W5 (I think!), with the prior trend line is now acting as resistance/support - a W5 is in progress I think. SPX to around 4000 then a big retrace.
BeniGo
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I'm not an expert on drawing lines, but shouldn't the line below connect the closings or the low point of the candles not both? Lots of people in here are calling megaphones... The trend seems bullish to me and if the megaphone brakes above target is 4k+ so i'm a bit skeptical on this megaphone call XD.