Cup and handle was always a bad pattern but in January it hit the low trigger and failed. It was dead then. If it were still alive then the handle which is over two months long makes it dead.
One has to figure what moves the stock. Most patterns are just tests of levels or coiling. One way to think of it is that is if it is moving based on a C&H it would have have moved withing a couple of weeks of the retrace.
Yesterday's VOL of 22M was the lowest day since Oct 2012. And over the last couple days, even though we dropped over $1.60, MFI and CMF (money flow) have ticked up slightly.
Sold some for a little profit at 27.52 this morning and then bought at 26.95 only to sell again at 27.2. I figured we'd be here at this level for the rest of the week, but I'm not sure how the market will take the NFLX news so that could have been a mistake if we pop up tomorrow. Overall we've been up on higher VOL days and down on lower VOL days recently. My natural instinct is to be fearful at this point, but that prob just means this is going to 32 and I've missed yet another run!