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Bullish Pennant

Failed Rally Bull Pennant at 200DMA Symmetric Triangle BreakdownGuys & gals, sorry to disappoint but it's time to face reality. My Elliott Wave Theory projection is just not happening. This dog just won't hunt; not going to the Moon anytime soon, either. What we have going on is a classic bull pennant in bear market flag formation. It's probably (~94%) going to lead to continuation downtrend. see virtually identical Fig 2: www.investopedia.com Support at 23531 on trendline back to 4-02 & 5-03; and if it breaks there, look for 22800. The flagpole is 1400 points high; the usual pattern is continuation reaches an equal low which would put the Dow ~22960 from top of pennant, if 24356 is in fact the high tip. I charted to 23531 where we have strong S1. Could go lower, 22800 possible. Likely to break down soon- look at the symmetric triangle arrowhead - points to break from 23313 on 7-10-18. I'm afraid break higher up is unlikely at this juncture. Getting really close, not much time left to maneuver I'm afraid. The Elliott waves failed to materialize because intense selling pressure into every rally kills it; pure chaos. Every rally is weaker - look at the top trendline on triangle past week. Got to 24.5k, then 24.44k, then 24.35k today. Each rally is ~100 pts under previous. Today's weak rally was ENTIRELY CONTAINED within the arrowhead- constrained by the upper/lower limits of trendlines. I'm afraid the reaction 'rally' is stopping at Fibo 24%. Got a hanging man Doji today as well. July 6 is Chinese tariff imposition day. Whatever the news is Friday the market will take it badly. Fed report today: "no mercy." Seems the rally was mostly due to 'Buy the Rumor - sell the News" on Fed papers. Turns out rumor was just... rumor; more fake news. This cave stinks of bear. Rolled all my calls into puts today, stop-lossed but got decent prices going both ways, given the mildly bullish price action. In spite of my prodigious efforts to raise the market by mind power projection, the rally has failed, go figure. Probably not long until the break. Pennant could fly for 10-12 days, now on day 6, or fold up tomorrow. Pennant won't fly long and there will probably be very little lift outside the triangle, which is a continuation pattern for downtrend. Barely breaking over the 200DMA above 24327 today likely represents the last near-term high until 2019. Sure I could be wrong and I hope so- Surprise good news from The Donald might change that, but don't bet on it. He's been bankrupt six times folks, U-R-Next! After another downdraft to S1 or S2 will possibly get a lower high in August, perhaps ~24k on Fibo .5 - .618, before it breaks again in September. Maybe. Or maybe it just grinds down all year long. Santa rally in Dec and recovery in Feb likely seasonal pattern behavior. Long-term- probably a weaker decade for stocks. Brace for impact; Good luck traders.
DJ:DJIShort
by DaddySawbucks
2
LTC - LARGE Support touch at crossroads BIG SIGNALSince the initial price break, LTC has just checked into the original bullish support as we got dragged down by the King, BTC. It is a very interesting place we have stopped as this happens to be the crossroads of the bottom support of the pennant and longest bullish support line. As long as it holds, it should send us up and out of the triangle. A lot of longs have been liquidated at this point - look for price chasing if we go up, especially if we spike quickly. This is LTC's last shot. There is also a bullish divergence in the RSI and LTC/BTC is in a giant pennant looking to breakout as well - meaning breaking free from BTC prices for a little while and not being rag-dolled down. July 17th seems to be an important date based off LTC/BTC - then end of the pennant. The start of the moonshot, or the expiration date for litecoin? - very interested in finding out. If you're wondering about the roman numerals, search "three drives pattern" - please thumbs up if you want this updated regularly with targets and what not. This is not financial advice or trading advice. Just interpreting the charts as they change. Do your own research -- you have the internet at your fingertips don't put your whole fate in someone else's hands.
BITFINEX:LTCUSDLong
by CrypticTrading
14
ZRXBTC Bull pennant forming on 1 day chart, Possible scenarios.Hi Guys, Ox protocol(ZRX) have performed very well from last two months currently it's been in a pause mode and looking for the breakout again to form wave 3. If we see on the 1-Day chart it's forming the bull pennant which is going to break out soon. There is a little bit chance that it will go in the opposite direction because the crypto market is very uncertain right now. If you are going to enter in the long position, you can sell it if it goes below the lower line of the triangle which will cause you around 5-10% loss. Generally, the Wave 3 is an approx 1.5-1.618 time the first wave so according to that, we will be at around 40000 satoshi in coming 2-3 months. The profit is around 140% on 10% risk, with the minimum risk-reward ratio. This is not a financial advice you are your own, I am only providing facts here. Will be happy to hear your thoughts, feel free to comment.
Long
by aman12
2
IOTA Price AnalysisCurrent price action looks to be forming a bull pennant on the daily chart. The past two daily candles closed forming tweezer tops signalling a reversal this is confirmed by the Stochastic RSI which just underwent a bearish cross in the overbought region. The kumo as well as the Kijun, and Tenkan sen are all acting as supported this is further reinforced by the .5 fibonacci level. The DI+ has curled inward to reflect the current drop in price. The price should fall next to the Kumo/Kijun to form a higher low before resuming it's current uptrend.
by SpektreSignal
Bluzelle (BLZ/BTC) Dual Breakout Pattern | New HighsAfter raising over $19.5 million dollars in their ICO in the span of 48 hours, Bluzelle (BLZ) is a rising blockchain start-up, with the mission of providing a service allowing users to rent out their extra storage space on their computer to other users. After its ICO, Bluzelle (BLZ) has quickly escalated to a market cap of over $100 million and beginning to attract mainstream media. This is not to say that Bluzelle does not face any challenges internally in the area of project development due to the lack of blockchain developers. Regardless, in terms of technical analysis, Bluzelle (BLZ) is setting up for a breakout towards new highs in the shorter time frame, and to an all time high in the longer time frames. Shorter Time Frame: Orange Trend Line Longer Time Frame: Red Trend Line Analysis from the shorter time frame illustrates that Bluzelle (BLZ) is currently consolidating in an ascending triangle (indicated in orange) with a horizontal resistance line at 7500. Interestingly, on the longer time frame, Bluzelle (BLZ) is simultaneously consolidating in a bullish pennant (indicated in red), with a downward sloping resistance line (indicated in red). A breakout of the resistance line (7500) along with a bullish confirmation at 7850 (green) will allow Bluzelle (BLZ) to propel upwards to new relative highs at 9500. Failure to breakout will lead to a drop back to the supporting trend line at 6500. Shorter Term Target: 7850 Longer Term Target: 9500 (35% Profit)
Long
by DeejaiRiangkrul
BTC UPDATE - Important moment for BTCWe have formed a bull flag within the the current up channel, we are coming to the apex of the flag resistance and the channel support, with both RSI and MACD bullish, the only thing missing is volume, we have had a drop off in vol over the last 15 or so hours, if we manage to get that much needed volume, we will break upward toward the down channel resistance and the elusive 10k mark. However, if we do not get a pick up in vol, we are likely to break the down channel support and head down to the flag support at around 9160. Keep an eye on the volume levels here wolves!
BITFINEX:BTCUSD
by CryptoWolfPack
2