Been reading up on pennant chart formations, which PRR seems to have been in since 4th Aug. Fits the description perfectly IMO for the "bearish" as opposed to the "bullish" formatiom. Has entered the pennant from above, bounced off the bottom and top on two occasions on reducing volume, and should exit to the downside.
As of Friday, the SP was basically at the tip of the pennant. However, the good announcement at least temporarily caused it to break the wrong way, but for how long?
Am I reading the chart correctly to begin with?
Does the good announcement override the chart pattern anyway? Or maybe both are irrelevant and the SP is at the mercy of a crashing DOW in any case.
Would really like to get people's views on this and also where they think the SP is headed from here.
bearish pennant formation but good annc, help!
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