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This basically is a slow downward move followed by sideways move then upwards. This takes the shape of a cup(without the handle).

This pattern can take some time to develop.  Once it's got the shape of a nice cup then draw a line though the peaks of the cup and once the price breaks above the peaks of the cup you will get your buy signal.

You can measure the distance of the target, measure from the top of the cup to the bottom then you project that line from the breakout point, you then have your target.


Please click on chart below for larger image