Not sure if I can explain what I feel happened, but I'll take a stab at it. Remember this is an opinion, because the BBand formula is designed to show change in normal trading. Extreme changes will push the envelope.
OK, first I want to state where my mind is coming from. Gte is a stock under a short play. Don't know for sure, how or if that should effect a BBand chart. And second we all have been posting about short covering, NOT how charts look, when a profitable short play is made.
Now, if you look at the last 2 pennants and you noticed the candles fell fairly far below the lower band, for a few days. That shows an extreme PPs change in a short period of time. The band deviation could not adjust as quick as the volatility.
I say, that extreme volatility was the short players, that opened plays days before at a high, then the PPs walked down close enough to close there short! NOT cover, their short position. So, the days the candle went below the lower band the shorts placed large sell orders below the daily bid to buy back at their target. PPs fell as the specialist went down and close their close order.
You will notice the PPs ran up quickly after, which was the point they opened a new short position for the next play. This fast down close and up re open happened so fast the 20 day MA and BBand minus 2 standard deviations only showed a bump, instead of a large band spike down. One indication I believe that's what happened.
Now look at the timing of Mr. Huffs PR fight on what happening this time. The candles were reaching the lower band, when the shorts would normally close their position, and 2 PR stopped the close and turned it into a small cover play instead.
I posted earlier that I felt today's 250k sell was a short cover, not short position close, on a new short position opened days before, when the new board member was PR'd. So if all this is correct, the new STOP shorting PR interest Mr. Huff has started, did work on the average short trader. They covered instead of closing and taking the candle below the lower BBand this time.
But all and all, the different pattern you noticed, may be correct and this pennant may go the correct way. Because the average short trader, following the entity short trader, is not so sure the down trend will continue, with these new developments.
Glad you brought this up, because I think this is the first time anyone posted about what to look for when a short trade goes correct. The PPs reaches a high point, when the short trader opens his position, normally a large one. You will notice an increased volume day, on momentum buying. When the PPs gets close to his sell for profit target, lower, he closes the position by buying, placing large bid orders below the daily PPs. This takes the PPs down large and you will notice volume increase also. Because of momentum selling.
Remember a short trade works the opposite to our trade. Shorts can cause momentum selling by placing large bids below the norm. They will be chased and closed. But you can't place a ask above the existing ask or it will be automatically closed at the ask. Shorts have a advantage, when trading a short play. We've all seen it, but I don't think many knew why.
That advantage has been causing a TA unsustainable down move call, for months, that has been sustained! You can see the short positions being opened and closed in this chart. With one, now a second small cover when buying momentum got to strong. IMO Look at the 2 days close, with cover Aug 8th.
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