In the first one the megaphone is measured from where the price touches the upper end of the megaphone for the last time, by drawing a line straight down to the bottom of the megaphone.
The the second one the megaphone is measured from where the price touches the lower end of the megaphone for the last time, by drawing a line straight up to the top of the megaphone.
So the question is... which one is right?
Just as an update here, the first one was the one that played out. It sort of stabailised around that support line area indicated on the first chart and has since then moved higher to test the 200 DMA from the bottom. Interesting times ahead. Now, new questions emerge...
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