Sunday, 18 March 2012

Megaphone on the ASX 200

Being the weekend, nothing has changed for the ASX 200 since I posted about it yesterday. In the meantime I saw an interesting ASX 200 chart at MB, illustrated by The Prince, with a comment by Mercury4 bringing the Megaphone pattern to my attention. The megaphone is a bearish pattern, which fits with my view that the S&P 500 is wedging in to a top. The megaphone pattern is also known as a reverse symmetrical triangle or broading top.