This is a slight correction to my prior post showing this chart as a pennant. Recent price movement pushed the upper resistance line into a full flag, but price movement and behavior should be the same regardless.
Now that price has broken out below the support line (happened around $225), short position should be entered with take profit $110. This price target is based off of the flagpole length of $285 - $170 = $115, so $225 - $115 = $110.
Now that price has broken out below the support line (happened around $225), short position should be entered with take profit $110. This price target is based off of the flagpole length of $285 - $170 = $115, so $225 - $115 = $110.
Comment:
See newer charts posted after this, with slightly wider formation of bear flag and head and shoulders patterns.
Trade closed: target reached
Comment:
2-1-1, sideways trade before profit target being hit
Comment:
*2-1-0