Rectangle/Head & Shoulders/MegaphoneThe megaphone pattern is a broadening pattern that is difficult to trade shorter term.
The head and shoulders pattern is inside this broadening pattern. A break of the neckline with a downtrend validates tis pattern. Until then it is strong support.
A break of the Rectangle support line with a downtrend validates the Rectangle pattern.
Long term, I think this is a SHORT! But it may not be an easy short to hang with.
I was not invited to the party with James Taylor playing at the Whitehouse to celebrate the Inflation Reduction bill. It does not seem like a bill full of government spending will successful in the long run, but Joe and Nancy say we have to be patient and give this bill some time )o:
I see a long term short that will may be a quite bouncy on the way down.
No recommendation/Possibly not a short for the feint of heart but if you are good at hanging, this may be one for you (o"
ES 165.90 with a downtrend. There are two patterns here that can have targets, the rectangle would need to break first, then the H&S pattern. I will skip the megaphone because there is no way I can know what it will do.