Surprise rally today but to put it in perspective of pattern it's all playing out.
Bear pennant forming inside rising wedge. The difference between a bull pennant and bear pennant is the initial point of entry into pennant. I placed levels of possible breakouts or breakdowns of pennant in green and red. Yes I know I said this is a bearish pattern but you have to always be ready for any surprises. If this falls out of pennant it will also fall out of Rising wedge simultaneously and its game on for the bears. if it breaks out then the bulls have bought themselves possibly another month which wouldn't surprise me after the feds announced bond buying tapering around the sametime.
Weekly RSI still showing a Rising wedge conformation .
Bear pennant forming inside rising wedge. The difference between a bull pennant and bear pennant is the initial point of entry into pennant. I placed levels of possible breakouts or breakdowns of pennant in green and red. Yes I know I said this is a bearish pattern but you have to always be ready for any surprises. If this falls out of pennant it will also fall out of Rising wedge simultaneously and its game on for the bears. if it breaks out then the bulls have bought themselves possibly another month which wouldn't surprise me after the feds announced bond buying tapering around the sametime.
Weekly RSI still showing a Rising wedge conformation .
