It is not the horseshoe. Ideological spectrum is not unidimensional. Typically, in most countries 2 to 3 dimensions are salient, but even those are kind of "suspended" (mathematical term would be "embedded") in a large-dimensional space of possible policies - and they can rotate in funny ways. For the last few electoral cycles, salient US dimensions remained fairly constant. However, Trump and Sanders, it seems, have managed to change which issues are salient. Once this happened, it turns out, many of the sanderistas literally project in the same spot with the trumpistas - and both are far away from the presumptive Democratic nominee.
Well put. I agree with you.