YLJ
Swing/Position Trader
DDR daily chart shows a 6m+ Descending Triangle. It has recently formed a bullish Pennant around the upper boundary line
that has broken out today with a small breakaway gap (volume is okay but not amazing). It is currently testing what could be
interpreted as the neckline of an Inverse H&S pattern at 15.00 This is also the level of the last high within the Descending
Triangle and a break above it (15.00) would be another bullish signal. I have entered an "early" position today on the back of
the Pennant and will keep an eye on how it handles current levels. It is a bit of an aggressive entry from a broader perspective
but when consolidations with valid patterns from below (or around) breakout boundaries from larger patterns, I am often
willing to get on board for the increased risk/reward. I will add if a stronger break of the larger patterns is confirmed.
The conservative measured target for the Pennant is circa 16.60 & that of the H&S and Descending Triangle in the low to mid 18's.
My stop is below the low formed within the Pennant.
GLTA
