lets call this a symmetrical triangle, as Bowkowski has labeled it, and forget the pennant
and bear flag
names. With all the chatter of what ifs, I say this, if they raise rates even a tenth of a percentage point it catches the markets off guard, it is NOT baked in, and we go lower, much lower quickly. Bonds and China late minutes government buying to raise its market, may be tipping their hands here. For the FED to remain credible, they have to raise, the "data" demands it. If they don't and offer hawkish language, we go higher, but not for long, and not so high, maybe to the blue line. Go to cash if you cannot handle the heat or risk, I am short, and are OK with the losses, if that is what happens, for the opportunity here.