The idea is that after a period of decreasing volatility (that "triangle" on BBW) the market tends to "remember" the volatility of the prior breakout and tries to relive it. The real target is where BBW slows down and forms a top, the price target is more of a guess of how that might happen.
So, what is (was) in this case the previous breakout. For what you said it seemed the price would break up, but from the graphic, there's the sign down that was accurately correct. So why you say that failed epically?