CSEASI - Megaphone Pattern Detected?Just noticed the Index has completed the Wave #5 of the bullish megaphone pattern.
I have drawn the new development today using white lines to make it more clear to you.
I did not notice if anyone in the community noted this pattern as yet.
For every megaphone pattern there should be a prior trend.
Prior trend is confirmed, and its bullish in this case, hence a short pullback to the support line 9135 can not be ruled out before continuity of underline trend.
As at this moment pattern is near the breakout from the resistance level of 9300.
This is no ordinary resistance by the way. And a not so difficult to break out either :)
This has 50% outcome of being, good or bad. Simply because near the resistance level we never know the outcome as possibility to end as failed pattern.
We can not rule out this will be a failed pattern as well, simply assuming current resistance points. The pattern has rallied the bulls to give another momentous opportunity to break the shackles and go to one level up towards 9600.
Wishing good luck to all the bulls.
