A simple classic technical analysis pattern may answer the question of what direction to expect tomorrow from the S&P500 upon release of Non Farm Payroll data. This release is expected to move markets strongly:.
Pennants are reliable continuation patterns. The pattern is supported if volume declines as the pattern forms. Pennants normally appear about halfway within a trend.
The measured rule takes the flag pole which precedes the pattern and adds that length to the expected breakout of the pattern.
If this pattern is correct, then tomorrow may see an upwards breakout to new all time highs for the S&P500.
Original post published @ 06:28 a.m. EST on Elliott Wave Gold.