Megaphone Top On S&P 500This is the daily chart of SPY that is displaying, in my opinion, a megaphone pattern that will likely resolve to the downside. As evidence of this being a megaphone pattern is the disjointed trend lines as well as the relatively large volumes that correspond to the "higher highs" and "lower lows." My reasoning for expecting this to be a reversal pattern stems from seeing bearish divergence in a number of indicators- the daily chart displays a bearish cross in the True Strength Indicator and the picture that I've included also shows a bearish trend in the TSI.
