I was wrong about something.

Or maybe not, but it seems I may have been.

The descending megaphone pattern is considered bullish. That's what I thought was happening, but I just noticed we're actually in a channel.

Definitely not bullish. Discuss.

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So, I was wrong about being wrong, apparently. For the uninitiated, the downward megaphone pattern is bullish. Typically you need to tap both sides twice and then it goes up, which is exactly what happened here. Over all, I'm still feelin as though this is a very bearish market that has a lot of room to sink before we truly recover.