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Two peaks at about the same level, forming an M, followed by a break below the middle low.

Chart PatternsIntermediate

Definition

Price tests resistance twice and fails both times, showing buyers cannot push through. The pattern completes when price breaks below the low between the peaks, called the neckline.

Watch out for

Until the neckline breaks, it is just a pair of highs. A common rule projects the pattern's height downward as a target, but that is only a rough guide.

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