This Week’s Little Sideways Move Now Looks Like a Triangle (Red)
This week’s S&P 500 small sideways move now looks like a continuation triangle, which suggests a move to the bottom of the bright blue megaphone before one final move to its top.
S&P 500 is working on a megaphone or H&S top before a move down to retest the January/February lows.
Get Ready for a Prolonged Sideways Move
While ES completes a giant megaphone top on the daily, the iShares Russell 2000 (NYSE:IWM) looks like it may work on a triangle right shoulder on its big H&S on its daily and weekly charts.
IWM is Likely to Put In a Triangle Right Shoulder on its H&S Top
The move down to the triangle bottom should be launched by a breakout through the bottom of the red flat-bottomed megaphone on the chart below.
IWM Flat-Bottomed Megaphones on 60-Minute Chart.