US 30 Bear Trend; If continuation from bear flag pennantEquities forming a pennant. Usually these are continuation patterns. A measured move down from flagtip would expect to make a bottom half of flag-pole equal to top half, for about 1800+ pips; this would drop index near 24200, or a bit less.
IMO the Megaphone Trend is still dominant. A breakout to upside is still possible if global events magically resolve favorably; this seems doubtful atm. FOMC will likely be too little too late, as usual.
You can see index fell sharply below rising TL, bounced up to retest it, and was rejected. Although another retest is possible, it seems the Bears are gaining traction now.
This alternative Bear Theory to compare & contrast with my earlier pub on a Bullish Reversal. If the Bulls fail this will unwind real fast. Still consolidating- caution is in order!
GTLA trade at your own risk, this isn't advice, just an idea.
