SYA Chart, page-2198

The chart definitely appears to be a symmetrical triangle formation with 2 converging trend lines. This is rather than a pennant pattern which usually has the symbolic flag pole and followed consolidation period of highs and lows. The difference being 1) the flag pole and 2) the length of time for which the consolidation period is. The symmetrical triangle pattern is consolidation however over usually a longer length of time.

What are the main differences between a Symmetrical Triangle pattern and a pennant? (investopedia.com)

The period is either followed by a break out or breakdown that is usually measured on the initial high and low of the pattern. This would put the breakout at a target of about 45c. Obviously the flip side couldnt be measured via price as a breakdown wouldnt lead to $0.00 so would need to be measured in terms of equivalent resistances on the way down.

While the macro market certainly isnt in the best shape, it does have some resilience and I think many are optimistic that inflation can be curbed with fiscal and monetary policy properly and with little damage to the economy. Globably, thats a harder component to assess. Inflation is wide spread and local government policies only do so much with in some cases lagging effects from initial implimentation.

The governments have many times over shot interest rate hikes by going too hard and too fast. Its bad news for short term investors unless you are in the game regularly and understand markets. If you do the volatility will be your bread and butter. If your not and your in this for the longer term, things will look better a year from now.

ALL IMO.