Absolutely the best post of the day!!! Should be stickied ASAP!!! AND LOOK!!! THE PPS IS STILL TRADING WITHIN THE BOUNDS OF A PENNANT!!! .15 is definitely strong support and the base of this pennant!!! If you combine the fact that volume is falling, the +DI is about to touch the -DI (And bounce AGAIN), the 50DMA continues to increase daily, the RSI is oversold, and the fact that the trading channel within the pennant gets tighter and tighter each day, it's only a matter of time before the lid is blown off the top half of this pennant and we continue the uptrend. That's just the technical piece...add in the speculative piece based on hours and hours of DD by many here regarding possible merger/buyout and/or the potential for revenue growth by the company in 2012 and it looks like WE HAVE A WINNER!!!
I love this:
The extended V bottom is a variation on the V-bottom. After price reverses at the bottom, price forms a flag or pennant pattern – a sideways price move that often swings downward against the prevailing upward price trend. Once the flag completes, price resumes the rise.
The decline into the pattern is unusually steep, meaning it cannot last long, and it doesn’t. Price rebounds in a V-shape and then levels out, forming the extension. The extension appears on the chart as a descending triangle - - a flat base with down sloping top. The breakout from this congestion pattern is upward and that means a powerful move up retracing much of the drop leading into the V-bottom.
DID YOU READ THAT??? THE EXTENSION APPEARS ON THE CHART AS A DESCENDING TRIANGLE - - A FLAT BASE WITH DOWN SLOPING TOP...THE BREAKOUT FROM THIS CONGESTION PATTERN IS UPWARD AND THAT MEANS A POWERFUL MOVE UP RETRACING MUCH OF THE DROP LEADING INTO THE V-BOTTOM!!!
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