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These are basically symmetrical triangles and the difference being the time frame.

The Pennants only take 1-2 weeks to build where as a symmetrical triangle could take from 1 month to 3 months to build. 

Volume is normally low during the formation but high once it breakout, please bear in mind that this is dependant on time frame e.g. Hourly to intraday will form a lot quicker.



Please click on the chart below for larger image





These pennants formations usually form and appear at the mid-way point of a trend.