as per my primary scenario, these patterns have broken to the downside and as we usually see in such instances, are so far being followed up with some pretty impulsive selling.  one of the reasons that i love going against the crowd and taking the other side of a technical pattern that the masses are expecting to break a certain way is that when that pattern does the opposite of what most traders expect, it usually creates a pretty impulsive move as the majority of traders were positioned wrong and suddenly must scramble to close (or hedge) their positions.  these moves are known as bull traps or bear traps and although you can not just randomly bet against a technical pattern breaking out in the direction that is statistically favored, it is possible to identify which patterns will likely prove to be bull or bear traps (either breaking out in the opposite direction as most widely expected or breaking out as expected and then violently reversing direction shortly after).  not to get carried away since the market closes in 15 minutes and anything can happen tomorrow but it is my bigger picture analysis/bias that plays a large part in deciding whether or not to react to these short-term bullish patterns on the intraday charts.  if i thought that the market had recently put in a bottom and was on the way to new highs, i would have probably been position long during these intraday bullish pennants and at the very least, been looking for an upside break to add more longs.