Slope of Hope Blog Posts

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XLF Broadening Top (by Piker Trader)

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Financial stocks have been rising over the last few days causing XLF to rise as well.  The current price action has formed a Broadening Top Pattern. 

The Broadening Top Pattern represents a rare reversal pattern and typically represents a top and being bearish. It is the opposite of the Symmetrical Triangle pattern that was previously formed in the market.  It starts after a strong move upwards. The Pattern is then formed by a a stock or index making new high and a new swing lows, forming upward and downward sloping trendlines which represents the swing high and lows.