It was starting to form up a bullish base, which was what I'd been saying for a couple of months(i.e if it had set right i would have been looking very seriously at buying it if not for the quarterly about to drop) but since that quarterly, the vcp nature failed on the bullish side and it's now flipped the other way. A vcp base for the bulls has a series of higher lows and the contractions that form those lows should contract in price and time. The same goes for the bearish vcp except it's a series of lower highs ... there's also clues to look for in the volume and some other details which provide important clues as to whether the base is accumulative or distributive - ultimately the breakout direction is the final arbiter for which side won the battle
It's a really good pattern to understand, it's well worth reading Minervini's books on it in detail
p.s it broke down today, only question remaining is whether it can flip back up and today was a shakeout
