1. imo the pennant has changed! Instead of a downward sloping upwards support, it has changed to a horizontal support as of today.
To be quite honest, i don't think it will re-test the bottom pennant support either.
2. Sometimes when you hit resistance its a build up for a few periods and then retrace for a few periods after that. Refer to the last 3 years in gold, and also about a month ago when we tested $1,283 for the first time in ages.
This current test of the $1,280 wants to hang around.
Notice how it forms an upwards stair type of formation as opposed to a mountain peak.
I think this is MUCH more stable, and i think we will break through $1,280 tonight and test $1,300-
