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.Note
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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.