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DAY 7 — Pennant

The pennant is a continuation chart pattern.

It appears after a strong price movement and shows a small area where the market compresses before continuing.

It consists of two parts:

• Impulse: initial strong movement.

• Pennant: the price moves in an increasingly smaller space forming a small triangle.

When the price breaks the pennant, it often continues in the same direction.

This pattern shows that when the price compresses, it is usually preparing to move again.

Impulse → compression → continuation.

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