Just for fun, I have some outlined bearish pennants.
Lets see what happens, and I'll update with screen shots if more pennants appear.
These are good to look for when there's a downtrend started. How many will accumulate, I don't know, but have an idea not to many more. They are usually few and a diversion will eventually override it for an upswing, however not a good time to long until a stronger signal is in place, but a comforting signal if your still shorting.
Lets see what happens, and I'll update with screen shots if more pennants appear.
These are good to look for when there's a downtrend started. How many will accumulate, I don't know, but have an idea not to many more. They are usually few and a diversion will eventually override it for an upswing, however not a good time to long until a stronger signal is in place, but a comforting signal if your still shorting.
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Below is an update, the Third bearish Pennant did not happen. We have a Diversion now, shown with the oval circles both MACd and Dk Blue RSI indicators. So Channeling sideways shows some weakness as I'd expect a little more of an upswing at this point. However this is the 15 minute and we are influenced by larger time frames and where their MACd and RSI indicators are and what direction they are currently moving. So... on that note, this is for training to chart and identify these multitude of patterns. I like to chart the 15 min because of all the patterns that do develop much quicker, however the movements are far less dramatic than when you find them on the larger timeframes.
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Price had some difficulty advancing upwards towards the descending channel top.
Price had moved up a little and price action was sideways, a drop through the yellow dashed support lines into another bearish pennant. I normally would now expect another drop down to the Fibonacci line shown by the Red Arrow.
Price had moved up a little and price action was sideways, a drop through the yellow dashed support lines into another bearish pennant. I normally would now expect another drop down to the Fibonacci line shown by the Red Arrow.
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Here pointed out price has also developed a Diversion. This diversion is much stronger as this Diversion shows up clearly on the "one hour" time frame.
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Now what ?? Well we had a Bear and Bull Signal...price went sideways for a while.
Indicators showing signs of uptrends. Guessing about an upwards possible movement and resistance areas an Elliot wave fits in there for this movement. However PA (price action) does what it wants. You need to anticipate movement, however do not get caught in one possibility. Continually look for reasons why the TA isn't correct.
Indicators showing signs of uptrends. Guessing about an upwards possible movement and resistance areas an Elliot wave fits in there for this movement. However PA (price action) does what it wants. You need to anticipate movement, however do not get caught in one possibility. Continually look for reasons why the TA isn't correct.
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Okay we see the Elliot wave has failed due to it's unique rules, having to look for another means, I find a possible reversal H & S . Boundary for it between the dashed Blue lines. Then the break out.. down or up will tell us where price is headed at that point.
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Here is the last finished item in this series. Remember don't get fixed on one-way TA, the market constantly changes and adjustments should be made.