Wave-4 Correction in Continuation Pattern Pennant Formation
Waves chart showing Uptrend in EOD Chart:-
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Pennant pattern formation in Wave-4 Correction;-
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Corrective Wave-4 begun on Diwali-2010 from 5338 and terminated at 5177 on 11-02-2011,impulsive Wave-5 begun from same point as well.
Market is in up trend and and EOD chart is showing Pennant pattern formation in its corrective move which is continuation pattern. It means continuation of on going trend because it is not a trend reversal pattern but trend continuation pattern. As on going trend is Bullish therefore its continuation expected after Pennant falling trend line upward intersection in the coming weeks.