MOO - Three Ascending Triangles

From yesterday, on POT:

"Yesterday, POT came to within $3.00 of the 121.29 target that is IN PLAY off the Symmetrical Triangle breakout (pattern in black) before pulling back, so the shorts might get some relief."

In addition to Wednesday's reversal candle in POT, we had a Bearish Inverted Doji Star Hangman in the MOO which, with yesterday's unfilled gap down, has become a Bearish Island Reversal, as the chart stands.

That's reason alone to be cautious on the MOO, as well as the fact that the three Ascending Triangle targets all have been MADE. Stocks don't automatically reverse at that point. All that tells us is that "we're done" with those patterns, and that it's a very good idea to "take profits, or at least some profits, when targets get MADE."

The DOUBLE breakout of the "nested" Ascending Triangles (the larger one in blue, and the smaller one is green) was quite nice. As we know, "nested" patterns tend to pack some punch, and indeed, this one did. It took 80 days for the larger one (in blue) to form, and only 17% of that amount of time for the 37.60 target to get MADE: 14 days.

It's interesting how charts often trade in "fractals," a fancy way of saying "repeating patterns." After the DOUBLE Ascending Triangle breakout, another little Ascending Triangle showed up, which was a Bullish Continuation Pattern. Ascending Triangles have a "flatish" top, with rising lows. The highs rarely are exact, but with this one, they were. The highs were an identical 34.50, which was just seven cents above the Green Ascending Triangle target of 34.43.

Very pretty chart.