VPHM: Broken Descending Triangle

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VPHM failed at 12.115 - 12.13 resistance that we discussed yesterday morning, just below the wedge, confirmed by the breakdown below the QUINTUPLE bottom of the Descending Triangle (little pattern in black on this chart) and shown in the intraday chart posted yesterday morning. That breakdown puts a target of 10.84 IN PLAY.

Math for the target:

12.42 - High of the Descending Triangle
11.63 - (I use to most conservative of the 11.60-11.63 lows)

12.42-11.63 = 0.79 points of downside

11.63-0.79 = Target: 10.84 IN PLAY

The 200 Day Moving Average is 10.88 and the trendline connecting the recent lows also comes in today at 10.88, so 10.84-10.88 is likely to get tested on any further weakness here.

It's not uncommon for Bearish Rising Wedges to "morph" (change) into a H&S Top. If that's the case here, it would be the second pattern in purple.