Backstory: The first pennant did not even form a double bottom so the price spiked into the upper midst of the channel with ease. From there it turned down to almost previous levels, particularly around 266. This couldn't be sustained so the return to the bearish middle trend line followed. Current analysis: A tight pennant is forming. Futures have a positive...
Backstory: The bull channel had an outbreak which returned to the channel. This is sometimes associated with a measured move of the same size but in the other direction. The target came a bit late but also overshot slightly. This is a small indicator for more bearish action. Current analysis: There is not much rebound to speak of. The sideways ground movement is...
Saw a similar image somewhere, so I tried to mimic it :) Anyway this is pretty much my logic when I started trading 15 years ago. Any one recognizing them self :)
DJIA stays in the trend band but corrects 1,000 points at the beginning of February. Short for three months after that.