volume, page-11

I am not in NMS for the short term or for any charting/TA driven reasons, but seeing the chart as it stands only adds confidence IMO. For the sake of debate ....

Yes agree, descending triangles are usually always bearish by definition, BUT it does seem we are each looking at slightly different meanings and interpretations of the term. It also seems we are also looking at different segments of the NMS chart in order to draw conclusions. I can see where you are coming from and don't dismiss your opinion. I do however, maintain my view that the construction is forming a pennant. (What did the very similar looking Feb 2005 construction end up being? A pennant or a descending triangle? ....)

In my view, the recent pennant has only been forming for approx 6 weeks, starting at the peak of 60c (after the initial rush from the 20c rights issue in Nov 2006). Formation started with good volumes and has decreased over a matter of weeks as the stock took a breather and traders moved on. With a steep inclining entry, a near horizontal formation, and a well defined shape, it is all looking great (all very much supporting near completion of the pennant formation). We should be away again relatively shortly with a little luck. Other TA also looking very strong.

Personally, I can't see any reason to go searching too hard for bearish patterns at a time when I am having to squint so hard into the sunshine of the company's fundamentals.