Tony asked about this pattern, It's more Pennant than Flag There is a Flag here but it was yesterday, but somepeople call Pennants-flags. A standard call on a Pennant in an intermediate donwtrend, in a counter Trend rally. would be for this to break down.
My sense is that this will be a reversal(resolving up), but I'm not sure how long it will last.
Another call would be that this will go sideways through monday tuesday, spike lower and that will be the reversal.
Seems to me that the sentiment is ready to reverse for a bit. and that maybe we can struggle back up for 5 days through next monday.
Friday, November 7, 2008
Flag/ Ascending Triangle
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3 comments:
Thanks for the clarification of the pennant/flag difference; I was using it interchangeably.
This does look like an ascending triangle, thus speaking against a breakdown like a true pennant should in this market.
I'm calling SPY going to 93.30 before it breaks down-- just an educated guess-- and it may not be until Monday or Tuesday. What say ye?
Having said all that, I see now that the ascending triangle has broken down at 13:30 hours.
That is because you are smart enough to know that a Pennant, in literal terms is a 'Flag'.
even though they are different.
We did hit 91.30 and bounce...I'll stick with my upside bias.
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