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vanfleetdaniel

Careful - A pennant flag is nearly finished

E-mini Dow Jones ($5) Futures (CBOT_MINI:YM1!)  
vanfleetdaniel Updated   
CBOT_MINI:YM1!   E-mini Dow Jones ($5) Futures
Trend Analysis Chart Patterns Wave Analysis FLAG Bullish Patterns Bearish Patterns wave pattern DOW jones futures
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trendanalysis chartpattern waveanalysis flag bullish bearish wave pattern dow jones futures
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.
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