Price Trend- down leading to pattern (+)
Shape- 3 valley pattern with middle valley below the others (+)
Symmetry- two shoulders should be near the same price (+, ->6300), same distance from head (-, not really, right shoulder about 7 days from head whereas left is bout 3 days)
Volume- should be highest on left shoulder, diminished on right shoulder (possibly, too early to tell)
Confirmation- when price breaks upward through neckline (6800)
Target- compute height from head low to neckline (1000) and multiply it by percentage meeting price target (74%) and add it to the breakout price (6800) = approx $7540
(all pattern info from thepatternsite.com)
fyi, because I'm not convinced about the symmetry or the R/R, I'm going to scale the entries on this one between the current shoulder at 6300 (.5 fib) and the .786 fib.
looking bullish for the next few days/weeks, but this trade has concluded.
I'm assuming you mean regular volume, hence the section that says VOLUME, which for this pattern to become valid should be DECREASING through the right shoulder.
If you have something to contribute, I'd love to hear it but please bring data to make a counterpoint rather than conjecture (and read the post). Simple disagreement but no relevant data points for your argument? -> move on and place your trade as you wish.