Anatomy of a bull pennant - found on XBTUSD

The text commentary on the chart should be explanatory.

Trade active:

We rose and are now in a throwback.

Comment:

The flag rose less than 5% and then busted by closing below the lower trend line.

If we rise again, the flag will double -bust, making it a more powerful bullflag.

In legacy markets:

37% of flags/pennants will bust

Of that, Between 22-37% (close to 22% for upbreaks) will bust.

Of that 22-37%:

55% will single bust.
15% will double bust.
30% will triple or more bust.

What does that mean?

That means we could see some whipsaw, and to not panic just yet.

Otherwise, we could be in for a trip down.