HYG Crash Set-Up Started with a Confirmed Price Channel that Broke Out Downwards
N:HYG has the same crash set-up on its chart as N:SPY did for the dot-com crash.
The set-up starts with a confirmed price channel (red on chart above) that breaks out downwards, retraces back into the channel, breaks out again to a lower low and then retraces to the channel top.
The last low would be the start of a falling megaphone bottom that targets the bottom of the red megaphone on the chart.
Your stop would be at the channel top. If the price breaks the channel top by a little, a reentry into the channel would be a fresh set-up to short.