Well, no. That flag was a possible flag but, a flag needs to see that upside breakout to be valid and this one did not see it at all. I also think you are calculating your target price incorrectly. You measure the distance of the flag pole and project that distance up from the breakout point. That should result in a higher target. But again, the target price is irrelevant now because that flag turned into a channel. A flag should only be a flag for about one to one and half weeks. It can't just drag out forever. A good rule to follow is if the pattern is not perfect, don't trade it. Remember that the markets are dynamic and sometimes you see what appears to be a certain pattern developing and it just never completes the formation. You can't get married to the idea that a certain pattern is developing. If it fails to develop, then trade it according to what it's telling you now.
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