Reading the market regime before prices move

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CHART PATTERN · Continuation patterns

Bear pennant

Bear Pennant
Slope: falling Span: days

Terms on this page: Volume · Structural Invalidation (Structural Invalidation)

Bear pennant: a chart with a worked exampleWorked example of a Bear Pennant over 64 sessions. Trigger at the close of session 38 near $39.8. Target $30.2. Invalidation $40.5.SignalTargetInvalidationPolePennant40.5$30.2$Volume03264 sessions
Bear pennant: a chart with a worked exampleWorked example of a Bear Pennant over 64 sessions. Trigger at the close of session 38 near $39.8. Target $30.2. Invalidation $40.5.SignalTargetInvalidationPolePennant40.5$30.2$Volume03264 sessions
A worked example that explains the rule, not a stock price. The circle marks the first close beyond the level. The blue line is the target. The orange line is the invalidation. Prices are in the right-hand column, and sessions sit under the volume bar. Hollow green candles closed above their open, and filled red candles closed below it.

Numbers in the example chart

From the same calculation that draws the shape and writes the "Measuring the target" section below.
Trigger level $39.8 · at the close of session 38
Target 30.2$
Invalidation 40.5$
Pattern height 9.6$
Chart span 64 sessions

What it is

A sharp drop followed by a small contracting triangle, then the decline resumes.

When the trigger starts and when it fails

Signal

A close below the pennant's lower side.

Invalidation · Structural Invalidation

A close above the last high in the pennant.

Reading it stage by stage

  1. Pole A sharp drop on heavy volume.
  2. Pennant A small symmetrical triangle with drying volume.
  3. Break Below the lower side. ⚠ A rise on heavy volume out of the triangle cancels the pattern at once · it may be a bottom forming, not a pennant.

Recognition rules

  • A sharp falling pole on heavy volume.
  • A small symmetrical triangle right after it.
  • Volume dries up inside the triangle.
  • Confirmation is a break below the lower side.

Measuring the target

The pole's length is subtracted from the break point.

Where it fools you

  • A shrinking triangle after a sharp drop may be a bottom forming, not a pennant. Volume at the breakout decides: a rise on heavy volume cancels the pattern at once.

Where to find it on the platform

  • Technical terminal · drawing tools Members only
    Open the daily timeframe for any symbol and draw the pattern yourself. Your drawing is saved per symbol in your browser, and the terminal does not name or detect the pattern.
    • ╱ Trendline Pennant
    • ⇕ Measure Target equals pattern height
We do not detect chart patterns with a numeric rule: telling them apart takes judgment on the chart. Candlestick patterns with a numeric rule are detected daily by the candlestick pattern scanner.

Patterns from the same family

Bull flag Bull Flag Bear flag Bear Flag Bull pennant Bull Pennant Ascending Triangle Ascending Triangle Descending triangle Descending Triangle Rectangle (sideways range) Rectangle / Trading Range

Back to the chart pattern encyclopedia or Japanese candlestick patterns.