i`ve managed to recoup most of my draw down from my stop out by going into scalper mode,long & short, in this range. right now looking to see if the es can make another leg into the 1499/1502 zone but lo.mid `90`s are looking somewhat conservative.
Isn't a pennant normally a continuation pattern? Wouldn't one generally expect an upside breakout from a pennant, given that we entered it from an upmove? What are you seeing on the 10-minute that makes you bearish here?
Well, ImO MACD histogram points to direction, not pennant itself as continuation. on 10 min chart there are 3 declining histogram peaks (failure swings)
Daily pivot an obvious target objective if price breaksdown of pennant. <img src=http://elitetrader.com/vb/attachment.php?s=&postid=1679160>
critical area here for the ES... if they can hold it here new highs on the day.. if it breaks down short every rally.