Here's an example of a triangle breakout target. You take the size of the "Mouth" and add it to the trend line at the breakout point. In this case,( as is often the case in a bull triangle) it is the horizontal resistance line. IF it breaks to the downside, take the mouth value away from the support break trendline to end up with your "short" target. The target is ususlly met by the time the triangle lines ( theoretically) would have reached a point. The breakout point is usually defined as occuring between 60% and 75% of the distance from the start( mouth) and the theoretical apex. Note there are almost always three cycles in the triangle before the breakout. The 3rd low cycle was at 8270. You will often get a clue about the direction of the break by looking at RSI and CCI and also where the 100MA line is relative to the body of the triangle . I call this the "balance of power" in the triangle. In this case, the balance was below the 100MA, and could have lead to a break to the down side. Here, the final overriding clue was the early small false break to the upside, followed by a dip, NOT to the support line and NOT breaking the 100MA. ( The middle "confirmation pullback"). WATCH out for the false BLIPS!!!!
As for bull flags, look at the previous few posts about targets. They can all be regarded as bull flags. Bull flags also usually have 3 cycles, with the breakout coming off the third cycle to the upside. The reverse is true for Bear Flags.
4 days of dithering and 1 day of massive rise. Same rules, same targets. No doubt, many would have been surprised had they not checked their longer term timeframes.... BEWARE of these intraday. They are swift, ruthless adn will eat you alive !!!!
