This analysis is based simply on the pattern and the RSI. RSI says oversold, pattern indicates clearly it's at/near the bottom of the trend and will rebound back upwards. Will it make it to the top trend line? Probably not. I'd bail well before that. This is a short term play with a tight stop loss outside of the lower trend line.
Trade closed: stop reached:
Probably only make pattern plays when they hit the top of channels, not the bottom. Bearish conditions causing a lot of bullish patterns to fail.