When a stock breaks through its bullish support line it is basically letting you know that there is no longer a clear trend. When you are long a stock you should sell on any pnf sell signal UNLESS you are still above the bullish support line. In this case you had a sell signal which also drops below the bullish support line. That is two strikes against you. The negative relative strength is strike three, IMO.
Since you mentioned targets, I would also point out that Bullseye does not calculate price objectives normally...that is, vertical price targets as traditionally calculated.
I haven't checked his horizontal count, but his vertical count is correct. He basically takes the count of the column that has just given a buy or sell signal and multiplies the box size times the column count times 3 and adds it the the bottom of the column that created the signal. Now I mentioned that dorsey recommends multiplying times two on shorts, but bulls-eye still uses 3.
However, the traditional rule is that the X (or O depending on the direction) column must be completed in order to establish a count. It appears he is doing the count of a column that is not completed yet.
...the problem with that and one of the reasons for the rule... is that the column must be complete to have a set target, otherwise, the target could change as the column continues to change
I think you are being a little picky. Even though the column is incomplete that is what the target would be had it been complete. At least you have a minimum target because the vertical target cannot go any lower. Personally I like horizontal targets better because they are much more conservative.
Maybe a ridiculous question, but, how often are these price targets hit? i.e. what is the reliability of these patterns?
The horizontal target on the nq is 2052 right now. Let's see if it hits it. I am long with a target of 2051.50. This is on the .5 chart based on the last signal. it stands at 2048.50 as I post this.