BC: Broadening Formation, Right-Angled and Ascending

On Jan 2, 2008, I posted about BC: probable pennant. Then, on Jan 4, 2008, I posted that this might be BC: Failed Pennant. In fact today chart shows a breakdown from the pennant. I was expecting the stocks to go down further. But towards the end of the trading period, this stock seems to be moving up. Hmm, what is this stock up to? (Disclosure: I still have this @ 20.00)

Pennant
BC Chart as of January 7, 2008
O-20 H-20.5 L-18.5 C-20.25

I redrew the BC Chart, connecting the support lines @ 18.50. Now, BC chart shows a broadening formation, right-angled and ascending. From the "Encyclopedia of Chart Patterns" by Thomas N. Bulkowski, this pattern is a bearish reversal. Awww, so that means this issue is in danger of reversing.

Measuring the downside target price of BC which is 50% of the highest height that will be @ 17.35 or betweem 17.25 to 17.50. At the outset, one can still be bullish about this issue. But, looking at the MACD which is signaling a SELL then this can be bound to reverse.

Now, I am still hoping that this is not a reversal yet! I am really looking forward for this issue to hit 25.00!!! (oops, sorry just being emotional. okay, i might sell my position why I can still profit a little. )

Broadening Formation, Right-Angled and Ascending
BC Chart as of January 7, 2008