In Broadening Bottoms Price trend is downward, leading to the formation. Megaphone appearance with higher highs and lower lows that widen over time. There should be at least two minor highs and two minor lows, but not necessarily alternating. The breakout can occur in either direction.
Percent of successful formations – 59% for Upside breakout and 70% for Downside breakout
Failure rate – 6%