John J. Murphy described the formation like this:
- "The has a declining upper line and a flat lower line. Since sellers are more aggressive than buyers, this is usually a ."
- "The as a Top - In the case, a close below the flat lower line would signal a major trend reversal to the downside."
Also important "The length of the pattern can range from a few weeks to many months, with the average pattern lasting from 1-3 months.". The current formation started forming in May.
Take a look at the within the next few days and be cautious with your long positions. I'm not saying it's not breaking out, but for me things are not looking clear!