Caza. Long entry approaching?

For the sake of discussion, am I interpreting the pennants on this chart correctly?


screencast.com/t/CbveIKtlbv

I am not up to speed on pennants if I'm honest, so not really that well versed to answer.

What is the difference between pennant 1 and pennant 3 to indicate pennant 3 is a reversal?

In the first pennant the 'flag' runs higher than the rising pole which favours a decent drop. In the 3rd pennant the flat runs back against the rising pole which favours a continuation (i.e. direction of the pole if I'm interpreting it correctly)

I was just about to say "Ignore my last question - it was extremely dumb"

Not at all Clarky, there might be someone reading this who tells me I'm talking tosh, that would be a good thing. It's only through questions that we open up discussion and find out if we're thinking along the right lines. Wish we could have more discussion to be honest.