Careful - A pennant flag is nearly finished

Updated
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.
Comment
Well there's your answer. Next rally towards resistance I will look for shorts.
Trade active
Taking some shorts
Comment
Looking for an exit on Thursday and will try to short another rally later on.
Trade closed manually
Shorts out on profit.
Bearish PatternsBullish PatternsChart PatternsDOWFLAGfuturesjonespatternTrend AnalysiswaveWave Analysis

Also on:

Disclaimer