Prices trend up to the formation then oscillate between two horizontal trendlines before breaking out downward. There should be at least two touches on each trendline.
Percent of successful formations – 65%
Failure rate – 0%
Average time to throwback completion – 3 hrs
Measure the height of the formation from trendline to trendline. Subtract it from the bottom trendline. The result is the minimum expected move.