A Classic Megaphone Pattern..!

What Is a Broadening Formation?
A broadening formation is a price chart pattern identified by technical analysts. It is characterized by increasing price volatility and diagrammed as two diverging trend lines, one rising and one falling. It usually occurs after a significant rise, or fall, in the action of security prices. It is identified on a chart by a series of higher pivot highs and lower pivot lows. The chart below shows an example of a classic broadening formation.

Broadening formations occur when a market is experiencing heightened disagreement among investors over the appropriate price of a security over a short period of time. Buyers become increasingly willing to buy at higher prices, while sellers find even more motivation to take profits.

Broadening formations may also occur during earnings season when companies may report differing quarterly financial results that can cause bouts of optimism or pessimism.

These formations are relatively rare during normal market conditions over the long term since most markets tend to trend in one direction or another over time.

Reference article:
https://www.investopedia.com/terms/b/broadeningformation.asp