I recently came across "Rounding Tops" (and bottoms) in Technical Analysis of Stock Trends By Edwards and Magee.
The "Rounding Top" is a gradual, progressive, fairly symmetrical change in the trend direction. They are more commonly found in more exclusive equities, shielded from the daily excitement of the masses. (Note: An index like the SPX may exhibit a similar quality.)
Top formations are completed in a relatively short amount of time. As you can see in the chart above, a whole semicircle has been drawn using a fibonacci ark, and we're currently at its peak.
Other characteristics of a Rounding Top: Volume should ebb to an extreme low at the top of the pattern if its implications are to be trusted. Check out the low volume at the recent highest days.
Disclosure : I'm long SH (short SPX) and long FEED
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