BMY Patternception

BMY is in a Long term positive uptrend. Having broken out of a negative channel recently, it broke out with decent volume of the negative channel, signifying a potential end. I wouldn't call the next negative channel a flag because it is overextended, but it is there. A selloff that was right about to enter the previous negative channel, but bounced off of it with again, average volume. We then began to rise in an upward direction for what I initially thought was a channel, but I believe it is a rising wedge.

I opened an iron condor set with some tight parameters. $64-$65 on the call side and $62-$61 on the put side, $100 in collateral. I am looking to have a staggered exit strategy. I will close the put credit spread tomorrow morning at 50%, and ride the call credit spread train down. ​My bet is It will not go any higher, and tomorrow's trading day (3/23/21) will be a slow one in my opinion, with the stock testing $62.30, which is very likely to break. ​If you are a less risky trader, wait for a volume confirmation below the channel. I expect a fat drop to the $61 levels. It needs to cross fib levels to get to $60, which I haven't applied for simplicities sake

Define your losses, define your risks, and use my chart as a template! I left some smaller patterns in there for you to practice. Hint: think Continuation patterns or Reversal patterns

Good luck out there!