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Spot the pattern

Short
MTGOX:BTCUSD   Bitcoin / U.S. Dollar
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2
Clear pennant , zero support at this price. I expect another dip.

Comments

Very nice work...keep going....
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YR YR
Hi Dew,On Daily chart,it's obvious that trend has been changed into down trend.Target 400-500 on the road...GL:)
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Why does a pennant here hint to a dip and not a rise ? I am not familiar with this TA method (obviously let's assume we didn't know already it turned out the other way)
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dot buddybradley
It's a continuation pattern, in this instance a bearish one. See below:

http://thepatternsite.com/pennants.html

You could also consider it a symmetrical triangle (a coil).
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Ok so maybe not in this instance.
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This time i think we reached bottom !
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