Broadening Top

If this pattern is guenuine expect target price of 1205

 

Isn't the "expanding wedge" a continuation pattern, not a reversal pattern? We'll see.

 

http://www.eyield.co.uk/myarea/introduction/price_patterns/expanding_triangle.htm

Expanding triangle

Sometimes called the broadening formation, this pattern often occurs at market tops.

 

up-date

 

Broadening top is relatively rare but powerful reversal formation. Should be accompanied by higher than normal volatility. SPX looks like it now but I'd wait for confirmation (breakdown 1245) before making any intermediate-term forecasts.

 

Your chart looks more like a diamond now, with the same bearish significance.

 

So much for TA. Everyone here sees different things.

 

A diamond or broadening top may be forming in the NQ, characterised by volatility, unusual formation. Will be interesting to see what happens. The advantage of TA awareness is that you will be on your toes while others will be flatfooted. If it takes a dump it will be a nice one.