falling dominoes

A descending triangle in PXD today provides a good example in watching the "pace" develop in buying versus selling. Price bounced three times at the previous day's close (corresponding with the previous day's highs) before failing. The first two times price had a strong bounce off of this level, while the third test displayed weak buying, leading to a failure. By trans-secting the low-to-high price points you can see how the buying interest waned at the third test, looking similar to falling dominoes. Price achieved a measured move out of the triangle to a base, while it measured another move out of the base (measuring from the failure point to the base). PCX had a similar setup (didn't trade this one). This was a good example showing off the mini bear flag that set up right at the failure point, also the absence of buying when price returned to the $20.75 base for the third time.