An extract from Commsec's Daily Market Report yesterday. I'm not...

An extract from Commsec's Daily Market Report yesterday. I'm not a chartist but it seems a little extravagant to me. I'll be buying more if it hits Commsec's target range.

BC Iron Ltd forms bearish "Symmetrical Continuation Triangle" chart pattern
Mar 04, 2015
Recognia has detected a "Symmetrical Continuation Triangle (Bearish)" chart pattern formed on BC Iron Ltd (BCI:ASX). This bearish signal indicates that the stock price may fall from the close of 0.45 to the range of 0.03 - 0.11. The pattern formed over 57 days which is roughly the period of time in which the target price range may be achieved, according to standard principles of technical analysis.
Tells Me: The price has broken downward out of a consolidation period, suggesting a continuation of the prior downtrend. A Symmetrical Continuation Triangle (Bearish) shows two converging trendlines as prices reach lower highs and higher lows. Volume diminishes as the price swings back and forth between an increasingly narrow range reflecting uncertainty in the market direction. Then well before the triangle reaches its apex, the price breaks down below the lower trendline with a noticeable increase in volume, confirming the pattern as a continuation of the prior downtrend.
This bearish pattern can be seen on the following chart and was detected by Recognia proprietary pattern recognition technology.