I jumped into a quick short on $PENGU this morning, convinced the little descending wedge off the July peak would roll over—but I completely overlooked the bigger Cup-and-Handle setup in play.
After #pengu rocketing from 0.008 to 0.016, price has carved out a classic falling wedge (or flag) between roughly 0.0159 resistance sloping down into 0.0152 support.
On the one-hour chart, that wedge is sitting right against confluence from the 21, 35, and 50 EMAs down into the 200 EMA, while the Bollinger Bands are tightening—textbook signs of a pending breakout.
My Take:
Looking ahead, I’m watching for a decisive one-hour close above 0.0159 on strong volume before I re-enter long, targeting a run back toward the July high.
If bears surprise me again, a break under 0.01466 would flip my bias bearish, at which point I’d consider a short with a stop above the wedge and eyes on the next swing lows.
Lesson learned: sometimes the market’s story is bigger than a quick scalp, and right now the odds still favor upside continuation.
