Looks like a bear pennant formed and a further drop occurred. Bear flags and pennants form after an almost straight drop down. They usually slope against the current trend (up) but can be flat. Pennants are more wedge shaped and flags have almost parallel lines.
A Bear or a Bull Flag/Pennant is a neutral pattern until they break and a bear flag/pennant can break to the upside and vice versa.
You can set approximate targets for a flag/pennant using the length of the drop or what is also called a pole. Flags are longer in duration than a pennant, but if a flag goes on and on and becomes too heavy for the pole, I dismiss it.
A structure is trying to form right now marked in white but it is too soon for me to venture an educated guess as to what it is. It could be a flag forming but too soon to tell.
The fall from the bearish rising wedge occurred at the top and this particular stock has fallen a long way possibly due to overvaluation. Rising wedges can break to the upside but I have not seen one that did not come back down and break the bottom line which validates the pattern. I am not aware of a way to set targets for a fall from a rising wedge but usually an area of support catches price. Some fall a small amount. Other like this one can crash and burn.
There is also a large W pattern in this chart and the 4th leg terminated at the 1.414.
No recommendation.
A Bear or a Bull Flag/Pennant is a neutral pattern until they break and a bear flag/pennant can break to the upside and vice versa.
You can set approximate targets for a flag/pennant using the length of the drop or what is also called a pole. Flags are longer in duration than a pennant, but if a flag goes on and on and becomes too heavy for the pole, I dismiss it.
A structure is trying to form right now marked in white but it is too soon for me to venture an educated guess as to what it is. It could be a flag forming but too soon to tell.
The fall from the bearish rising wedge occurred at the top and this particular stock has fallen a long way possibly due to overvaluation. Rising wedges can break to the upside but I have not seen one that did not come back down and break the bottom line which validates the pattern. I am not aware of a way to set targets for a fall from a rising wedge but usually an area of support catches price. Some fall a small amount. Other like this one can crash and burn.
There is also a large W pattern in this chart and the 4th leg terminated at the 1.414.
No recommendation.
Support zone below