Bullish Falling Wedge. We currently have the heavy resistance of the EMA 50, MA50, EMA100, MA100 directly above. Looking for a double bottom to form in the next 3 weeks. Once we hit our double bottom we should break out of the wedge with a take profit target at the 38.2 Fib (23.36).
Comment:
After having a couple fake outs of the top resistance of our bullish falling wedge back on the 20th and 21st of August; we have recently just had our third touch point of the lower support line. This means we can now expect a break out of the falling wedge to probably occur within the next 2 weeks. Our target remains at 23.36 which is pretty equal to the 38.2 Fib resistance. Once we reach this target we reassess to determine what the next move is.
