sure stang. just bear with me, i have no external server to upload charts and have them posted here (the charts i can post come out tiny) so if you can pull up a weekly and daily chart and read along i will explain how i get to my target price.
i started with the week of july 17 as the bottom of the pennant pole and the week of aug 21 as the top. that gives me roughly a $.38 length.
from aug 21 through last week we have a bullish pennant formation completing. so my breakout point is around $.57 , obviously we need confirmation so a close above that this week is a bullish sign.. add the pole length to the breakout point gives me .95.... once again this is off the weekly chart.
the daily chart shows more of a bullish flag formation using the same time period. but we are not in the breakout point yet in the "flag", if we were to close today at .63 or .64 then i would be comfortable in saying we have a breakout on the daily chart. the flag is slightly descending so each day the breakout point gets lowered. the pole is the same , so a breakout point of about .62 on monday plus the pole of .38 gives me a $1 target on the daily chart. basically a .05 difference between the daily chart pattern and the weekly chart pattern.
thats how i came up with my numbers. and i wanted to compare notes with DR DAVE because we all know his T/A is 2nd to none. i am still learning.
please stang, give me your opinion on my t/a and whether you agree with it or not.i appreciate the feedback.