Price appears to be in a rectangle which is a neutral pattern until a trendline is broken with a trend in that direction. One may see this as a double top and multiple bottoms. I suppose it depends on how you look at it.
A rectangle is a horizontal trading range and is considered a consolidation pattern. This one is close to the top so it may be called a rectangle top.
You can take the width of the triangle and project that width up or down to compute possible targets. This can go either way but folks do swing trade inside. Swing trading inside can be hazardous to your health as there is no way to know if there will be a partial rise or a partial decline.
No recommendation
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Correction: You can take the width of the rectangle and project that width up or down to compute possible targets.
Looks like this one broke to the downside and has hit target 1. If it does not turn around, next stop may be 103ish.
Wynn suffered 2 partial rises inside the rectangle that did not make it to the top trendline.
Never heard of a rectangle, but I have heard of a bearish contracting triangle. This should eventually fill a gap down at $78.
lauralea
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@pechi123, maybe so/I've not heard of a Bearish Contracting Triangle as I thought all triangles contracted in the end so go figure. We are all different and is what makes the world go around (o:
Also a gap at 112ish. A rectangle is neutral like a triangle. This looks to be breaking to the downside, for now.