Flags are neutral patterns whether the pole is up or down.
Rising wedge at the top that has long since corrected coupled with an RSI diversion at the top. If these 2 technical technical patterns happen at a top, it is usually the top and time to run.
This one is Down and it appears IBM is going with the flow of a downward break from classic bear flag.
No recommendation/It can be more difficult to call a top than a bottom in my experience as bullishness will persist until the security is so over extended, it can be almost daunting.
For a bear flag, I take the pole and project it up or down in the opposite direction of where the flag is heading, I also use the opposite trendline. IE if it breaking down, if use the top trendline of the flag and project the pole down from that point.
There are different ways to calculate flag targets and we are all different.
M pattern may ne in formation which influence my targets. Good luck.
Rising wedge at the top that has long since corrected coupled with an RSI diversion at the top. If these 2 technical technical patterns happen at a top, it is usually the top and time to run.
This one is Down and it appears IBM is going with the flow of a downward break from classic bear flag.
No recommendation/It can be more difficult to call a top than a bottom in my experience as bullishness will persist until the security is so over extended, it can be almost daunting.
For a bear flag, I take the pole and project it up or down in the opposite direction of where the flag is heading, I also use the opposite trendline. IE if it breaking down, if use the top trendline of the flag and project the pole down from that point.
There are different ways to calculate flag targets and we are all different.
M pattern may ne in formation which influence my targets. Good luck.
Comment:
Let's just breathe (O"
Comment:
2-27
I should have turned the bottom line of the pennant orange or red as it is now resistance.
I should have turned the bottom line of the pennant orange or red as it is now resistance.