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Wishful thinking! That is not a valid megaphone. July 7th to July 31st could be said to be a megaphone top, however... A badly formed one!
Megaphone tops have lowering average market momentum and increasing volatility. We have decreasing volatility and short term stable/accelerating momentum.
Chart patterns are pretty unreliable IMO. However, widely recognized chart patterns effect market sentiment and their effects upon peoples behavior should be noted. Eg, if a giant head and shoulders forms and it ends up on a CNBC segment or headlines... It can suppress demand a bit more than normal because everyone that follows chart patterns becomes spooked and is either shorting or scared to buy.
