Spunkygamer

Nifty may to touch 16000 level's!!

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NSE:NIFTY   Nifty 50 Index
When looking at a Pennant continuation pattern, you will see the following:

A flagpole: A Pennant pattern always begins with a flagpole, which differentiates it from other types of patterns (such as the symmetrical triangle). The flagpole is the initial strong move preceding the symmetrical triangle.
Breakout levels: There will be two breakouts, one at the end of the flagpole, and one after the consolidation period, where the upward or downward trend continues
The Pennant itself: The Pennant is the triangular pattern formed when the market consolidates, between the flagpole and the breakout. The two converging trendlines form the triangle - the Pennant .

BEARISH PENNANTS
Bearish Pennants are continuation patterns that occur in strong downtrends. They always start with a flagpole – a steep drop in price, followed by a pause in the downward movement. This pause forms a triangular shape, known as the Pennant . There is then a breakout, and the downward movement continues. Traders look to enter short trades on a break below the pennant .

Comments

Good call. Nice chart with good analysis - and even better it went up :)
100 coins
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