I see pennant

A pennant should form over a time period of less than 3 weeks.

The pattern you have highlighted could be a reverse head and shoulders. However, volume is not confirming this pattern at the moment.
 
A pennant should form over a time period of less than 3 weeks.

:confused: :confused: :confused: :confused: :confused: :confused

In which stone is this written. Pennants can and do form on weekly charts, daily charts, hourly charts, minute charts. Do other formations occur over strickt time perameters?
 
I see a triple bottom.

This thing will probably work its way up to 1000 - 1050 area before retreating in a meaningful way.

IMHO.
 
ctrader,

i see what you're pointing out. hadn't noticed that, thanks very much. whatever the pattern turns out to be, we'll know what it might be if/when it breaks or bounces off the top line on your chart.
 
Quote from Kaya:

A pennant should form over a time period of less than 3 weeks.

:confused: :confused: :confused: :confused: :confused: :confused

In which stone is this written. Pennants can and do form on weekly charts, daily charts, hourly charts, minute charts. Do other formations occur over strickt time perameters?
More...

3 weeks on a daily chart - so around 20 bars on other charts. But its just a case of what name you give it.
A longer term pennant is usually called a symmetrical triangle.

I'd call this a reverse H&S or a triple bottom - either way, a break above 960 on significant volume should lead to a very signficant rally of around 15%. The "worrying" item is that in this type of base formation you would expect volume to be increasing on each rally - but this 3rd rally to 960 actually is occurring on lower volume.
 
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