The first chart is the 15 minute timeframe. The key takeaways here are the flat base which forms at yesterday's range highs, the tweezer top which foreshadows a reversal and the bear flag forming into the close.The next chart is the 5 minute which highlights the pipe bottom, one of the most reliable bullish base patterns, but exceptional and by that I mean infrequent.
The pipe bottom pattern forms a base following a sharp, wide bar by bar shakeout. The wider bars with volume are significant. Look for higher lows as the base ripens for breakout. Normally I would partial out at the 100% Fib. extension (measured move), but V had consolidated for a lengthy period at the 38% level, so I waited for the 3rd WRB. Kept a tight stop when price stalled at R2, but V had one last leg to go. Sweet.
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