The WIG Index rallied +2.63%:

The pennant/symmetrical triangle formation (yesterday’s post) has been drawn on chart with target price ca.31000.

The weekly buy signal has been generated as the level of 28650 has been broken. However, we are just below the important level of 29000 and it’s risky to open positions right now. We shall wait until this level is broken and confirmed later (preferably with rebounce and increasing volume) – capital preservation is a priority and we don’t have to rush.

Not much else can be said – next few sessions might decide market’s future direction.

Tomorrow there is no session.

The WIG Index rallied +3.5%:

Today’s rally was impressive (and also covered open gap from Monday), but we are still below the important level of 29000. Descending volume and contrary signals from oscillators are saying nothing about the future direction of the market.

We might also note a pennant or symmetrical triangle pattern on 15 minute chart:

The main difference between those patterns is usually the duration (here: pattern less than 3 weeks is usually considered as pennant; the symmetrical triangle’s duration is typically about 3 months).
Nevertheless, both are continuation patterns.

Not much else can be said right now and we have to remember the market can always go both ways.

Sources:
[http://www.investopedia.com/university/charts/charts6.asp]
[http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:symmetrical_triangle]
[http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:flag_pennant_continu]

The WIG Index opened with a gap lower and eventually fell -2.45%:

The general situation has not changed and we are still in daily and weekly uptrend. The lower high on daily chart can worry, however it’s pointless to make any forecasts now. The market still looks undecided and we basically have to wait for its actions.

As per weekly uptrend we have better chances going upward. Nevertheless, making any trades now can be risky and proper stop-loss orders have to be deployed, regardless of our beliefs. As small capital traders we can enter and exit our positions very fast and we should use this advantage.