Careful - A pennant flag is nearly finished

Usually a pennant flag is a continuation pattern meaning here we should see more buyers. Alas, this one looks a bit weak to me.

If it fails I expect another zigzag pattern (Wave W=Y) just like we had from the previous high.
If it breaks out upwards then we can use wave X as the projection for the next rally.
Better to wait this one out and see where the pennant flag will be break.

Yorum:

Well there's your answer. Next rally towards resistance I will look for shorts.

İşlem aktif:

Taking some shorts

Yorum:

Looking for an exit on Thursday and will try to short another rally later on.

İşlem elle kapatılmış:

Shorts out on profit.