Both SPY (S&P 500 tracking ETF) and QQQ (Nasdaq 100 tracking ETF) have broken down below bear flag patterns on the 5-minute charts. Bear flags are continuation patterns, meaning they typically break in the direction of the impulsive trend leading up to the formation of the flag pattern. To calculated the projected price target of a bear flag pattern, you simply take the distance of the flagpole (upper white arrows on these charts) to the lower-most point of the flag and add that distance to upper-most point of the flag just at the point just before prices broke to the downside. Of course, this is only a general guide. I'll typically set my price target with support level nearest the projected target although other factors are taken into consideration as well.