Neely Set-Up on T for Return to All-Time High

AT&T has a Neely Crash Set-Up for a Return to the All-Time High

AT&T has a Neely Crash Set-Up for a Return to the All-Time High

T followed up on its 2002 crash with a partial retrace and a retest of the crash low in 2008. That is one of my favorite Neely set-ups for a return to the all-time high.

T formed a megaphone top (red) on its partial retrace and now it is bogged down at that megaphone VWAP.  It looks like it’s forming a triangle there, but that could morph into any kind of consolidation you can think of.

Once T breaks out from the VWAP consolidation, the next target is the all-time high near the megaphone top.

Dollar Update

DX is Megaphoning Near the Red Megaphone VWAP

DX is Megaphoning Near the Red Megaphone VWAP

DX has started a megaphone near the red megaphone VWAP, which is the minimum retrace target for this dip.  DX is still likely to make it to the bottom of the blue rising megaphone before this dip is over and could go all the way to the red megaphone bottom.

The most likely scenario is the purple one, where the little pink megaphone keeps megaphoning.  The moves within the megaphone would typically get wilder to put in retests of the 2016 low and the high at the beginning of 2017.

The purple scenario would usually complete as a triangle or diamond continuation pattern.

QQQ Likely Triangle

QQQ is Forming a Series of Megaphones inside Megaphones Across Roughly 139 - Would Usually Mean a Triangle

QQQ is Forming a Series of Megaphones inside Megaphones Across Roughly 139 – Would Usually Mean a Triangle

QQQ is forming a series of megaphones inside megaphones across roughly 139, with three gaps already around that level. That would usually mean a triangle is forming.

A triangle at the VWAP of a megaphone (navy blue on chart) would usually be a continuation pattern for a trip to the megaphone bottom (green scenario).  The purple scenario represents a Sornette melt-up pattern at the red megaphone VWAP before a melt-up to another new all-time high at the red megaphone top.

QQQ Rising Wedge

A Downwards Breakout from a Triangle would Likely Target the Bottom of the Red Rising Wedge

A trip to the navy blue megaphone bottom would likely target the bottom of the red rising wedge on the daily chart. A bounce there and breakout from the red rising wedge would target the wedge bottom.