jangseohee

JCP, Sub-set triangle pattern

NYSE:JCP   PENNEY J C INC
20 0 1
The wide red downtrend channel was extended from Jan 2012. Price hit channel bottom and gap up into a branching channel breaking out of downtrend channel but as it was rejected by 11 and branching channel top, price got suck back into the underside of downtrend channel top.

This is a little tricky situation, the current price action is forming a triangle pattern which is part of a red downtrend and green branching uptrend.

It remains to be seen this triangle pattern belongs to which channel although IMHO tend to favor continuation of downtrend to fill the price gap.
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