Today I want to share an interesting pattern with you. Looking at the weekly chart a falling wedge has been (near) completion.
Falling are classified as reversal patterns. Please click this link for a reference: http://d.stockcharts.com/school/data/med...
The dip we are going through would be the support test or pullback. The support line of the lines up with the weekly at about 7.8 - 8k.
If completed price could move significantly higher.
Breaking through lower than 7k would invalidate this pattern.
Please keep in mind that this is a scenario and that a invalidation of this pattern is always possible.
Greetings and goodluck,