Update#2 - With the new bars, redrawing the chart gives you an ascending wedge, which is actually even more bearish. It looks like it will max out by 2:00 Eastern.
UPDATE - after going up a little bit, Stocks are compressing. Compressions are possible turning points. During the compression there is usually much less price movement than during an expansion. A pennant is basically a compression by another name, as the bars are getting less volatile. The price is still well off the moving average and 8-15 resistance line.
This is what I think has been happening and is about to happen. Volume is decreasing as we approach the end of this, which is bearish.
As I've started this blog entry, it does seem to be breaking upwards.
I'm at a small initial position, and will get larger if it hits that 1500 minute moving average. Look at that nice clean bounce off of it yesterday.
This line also roughly matches the August 15 resistance line, so it's quite formidable.
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