Broadening top

a megaphone pattern[1]) is technical analysis chart pattern describing trends of stocks, commodities, currencies, and other assets.

[3] In its formation, most of the selling is completed in the early stage by big players and the participation is from general public in the later stage.

Regarding the shares volume, it is very irregular and leaves no clue to the direction of the next move.

In the broadening top formation five minor reversals are followed by a substantial decline.

One cannot be sure of the trend unless price breaks down the lower of the two points (b & d) and keeps on falling.