Usually a pennant flag is a continuation pattern meaning here we should see more buyers. Alas, this one looks a bit weak to me.
If it fails I expect another zigzag pattern (Wave W=Y) just like we had from the previous high. If it breaks out upwards then we can use wave X as the projection for the next rally. Better to wait this one out and see where the pennant flag will be break.
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Well there's your answer. Next rally towards resistance I will look for shorts.
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Taking some shorts
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Looking for an exit on Thursday and will try to short another rally later on.