Precisely, the thing using chart patterns alone won't give you the best result for predicting market moves. That is why it is always advisable to use chart patterns in conjunction with other technical indicator for the best results. We can think of chart patterns as some kind of essential piece of a trader's toolkit.

For the picture, I would say that, it is a flag pattern because flag patterns are very short consolidations with a flag a pole (the sharp price drop right before the pattern forms) and it works best on 4h, 1H and Daily.  Flag patterns are one of the most frequent chart patterns that form and they need to be watched carefully and always should be looked for confirming factors, such as volume and other technical indicators