Here is an idealized representation of the pennant pattern:
Slope of Hope Blog Posts
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Woof. Good Doge.
I’ve said it before, and I’ll say it again: crypto is the last great bastion of pure technical analysis. It’s an actual market. Powell isn’t going to print new Bitcoins. Yellen isn’t going to discuss policy toward Litecoin. It’s a real market, subject to classical charting.
Witness, for instance, one of the few cryptos I’ve been featuring in my watch list, which is moving up hundreds of percent from its base: DogeCoin.
One Down, One To Go
Forget GameStop. Forget Koss. Forget Citron and Melvin. It’s all a distraction. Apple is worth a thousand Gamestops. And it’s breaking down. Horizontal: done. Ascending trendline: pending.
It’s Up to the Wedge
It’s clear that in spite of being in the thick of the earnings season, we are still in watching-paint-dry mode for markets in general. As I am typing this, the ES is down a remarkable 0.06% and the NQ is exploding a remarkable 0.11%. Whoop dee freakin’ doo da day. Anyway, that’s the nature of these wedges: they just get tighter and tighter until they break.
Lanced Armstrong
I would like to point out a well-known stock which has broken its core trendline and appears to be in the throes of a diamond reversal pattern. I present to you Peloton (symbol PTON):
