Pennant

A pennant looks like a small symmetrical triangle attached to a flagpole. After a sharp move (up or down), price consolidates with converging trendlines — lower highs AND higher lows — for a short period. Then it breaks out in the direction of the original move. Pennants are basically very short symmetrical triangles that follow strong momentum. The difference between a flag and a pennant is the shape of the consolidation. Flags have parallel trendlines (a tight channel). Pennants have converging trendlines (a small triangle). The interpretation is the same: a brief pause before the trend resumes. Measured target: length of the pole projected from the breakout in the direction of the trend. Pennants typically resolve faster than triangles because the move is already underway.