Head and Shoulders Symmetrical Triangle

NYSE:IIPR   Innovative Industrial Properties, Inc
Price entered this triangle from above so touch 1 is on the bottom. I have found when touch 1 is on the bottom, it seems to break down from the triangle more often than up from the triangle. It appears to be breaking down at the moment.

Symmetrical triangles are consolidation patterns and are neutral until a trendline is broken with conviction. Triangles can also be continuation patterns.

You can measure the wide end of the triangle and project it up or down from the either trendlines of the triangle to get a ballpark guesstimate of where price may go. There are other ways to estimate targets, this is just one and you can use the magnet on here to move the measurement.

The ugly top is not encouraging but price has not broken the neckline yet. However a full down break from the triangle will put price below the neckline.

It does not look good today )o: I have owned this for a long time so I sure hate seeing this if what I see is really there )o:

No recommendation
Comment: Trying to break to the upside today (o: