Lets start with one of my TIPS about flag patterns, which leads into my TIP about channels. Then I'll comment about island reversals and a single bottom bounce play, reaching the cherry on top.
TIP - flags come in 3's, then consolidate. Notice there are 3 flags then stall consolidation in the middle, then 3 more. Expect new stall after flag 3.
TIP - channels form after the third bottom bounce and can ;last for 5 touches at top. The up channel is at the 5th top channel line. Wouldn't count on more.
Now to the island reversal. You enter at first resistance break on volume in/volume out. There was large volume at resistance break. Not quite as large as the volume in, but ok for volume out. The target for island reversals is gap fill. This one didn't gap, so support break at the huge down day is it. Where the gap should have been.
Last with the single bottom bounce, you have to expect a comeback all the way to the top. But it usually hits a resistance level it can't break along the way. With resistance levels at 4.80 and 5.40
So for the island reversal target was reached at 4.50 and for the single bottom bounce play, Target will be reached at 6.25. Also 3rd flag stall expected and up channel end, past 5 touches.
Add all this up in your head and I come up with Trade ending. Out and re-entry at 4.80 and 5.40 for cherry on top target of 6.25
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