US30 FALLING in Pennat patter
At the very end of October, the index received a powerful growth impulse from the point 26178. And a week later, on November 9, the price came to the resistance line 30271, having even managed to break through the resistance line in a jump.
Until the end of November, the price formed an ascending channel, but then another resistance line formed in the middle of the channel, which eventually directed the price along the path of the formation of the Pennant pattern.
To form a pattern, you need an initial impulse with a certain trend - in our case, an upward one, as well as at least 5 touches of trend lines within the pattern - in our case, more than five.
Now the price completes the formation of the figure, the fluctuations become less significant, the movement is more even. But the price has not left the pattern yet.
I expect that the price will first rise to the resistance line 30385. And then it will fall to support. Thus, I expect the final target - the support line 30115.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
Until the end of November, the price formed an ascending channel, but then another resistance line formed in the middle of the channel, which eventually directed the price along the path of the formation of the Pennant pattern.
To form a pattern, you need an initial impulse with a certain trend - in our case, an upward one, as well as at least 5 touches of trend lines within the pattern - in our case, more than five.
Now the price completes the formation of the figure, the fluctuations become less significant, the movement is more even. But the price has not left the pattern yet.
I expect that the price will first rise to the resistance line 30385. And then it will fall to support. Thus, I expect the final target - the support line 30115.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
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