I “see” a “Symmetrical Triangle”* instead of a (down sloping pointed) “Pennant”. As I see it, this Classic “Symmetrical Triangle” Chart Pattern had a “Break Out” today, Friday, September, 11, 2009 at approximately $0.1530. And according to Curtis Arnold, this Classic Chart Pattern (in an “Up Trend”) has an 86.4%** probability of moving up in price (with a minimum price target/projection of $0.2619). And as someone correctly noted, there is a “Blue Sky”/(“Open Gap” between approximately $0.1800 and $1.5000) which means that once prices advance beyond this current $0.1800 to $0.2089 Resistance Level”, --- prices should easily advance to $1.50 before encountering any “Overhead Resistance”.
*Ref. (Classic book on Technical Analysis)
• Chapters XI, Consolidation Formations, pp 168+; and Chapters VIII, Symmetrical Triangles, pp 87+
Technical Analysis of Stock Trends by Robert D. Edwards and John Magee
Published by John Magee, Springfield, Massachusetts, copyright 1966 by John
Magee.
**Ref.
• Chapter 7 --- Fast – Start Entries, The Symmetrical Triangle, Notes From The
Research.
Curtis Arnold’s PPS Trading System
Copyright 1995, Curtis Arnold
Irwin Professional Publishing
Burr ridge, Illinois
New York, New York
ISBN 1-55738-877-6
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