FAS broke out of a flag in the form of a rectangle, today. Note the excursion to the bottom of the flag two days ago showing a divergence between the price making a lower low and stochastics making a higher low (see green lines). Until this downward excursion, prices were making a pennant, also a flag formation.
The rectangle also being a flag means the flag formation is still intact, allowing application of the adage "the flag flies at half-mast." Using the hourly graph on the right, the target calculates as (50-35)+45=60. That is the high point of the flag minus the start of the initial trend upward plus the low of the flag. Using the daily graph on the left, the target calculates as (66-12)+36=90. Point & figure target remains as 76 since July 23.
Any one or all should make one happy.
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