CL at the Top of a Broadening/Megaphone Formation
The CL is reaching the top of broadening formation that it's been forming since about March 2021.
By continuing very much higher, it will break out of this pattern and might have a target around 110 (being ~160% of its most recent leg -- that's the academic target for this type of formation).
That being said, it's possible that it will reverse in this area and make its way downwards again.
There is a potential trendline that I see (in gray) above the bottom of the broadening formation which might be used instead.
By continuing very much higher, it will break out of this pattern and might have a target around 110 (being ~160% of its most recent leg -- that's the academic target for this type of formation).
That being said, it's possible that it will reverse in this area and make its way downwards again.
There is a potential trendline that I see (in gray) above the bottom of the broadening formation which might be used instead.