MTGOX:BTCUSD Bitcoin / U.S. Dollar
I don't think you have this right. In your definition, it tells you - "The trendlines of this pattern converge, *with both being slanted in a downward direction as the price is trading in a downtrend". The bottom support line is clearly not trending in a downward direction, therefore making this a triangle and not a wedge. It looks pretty much symmetric to me, in which case you generally follow a larger trend. Short term, that seems to be down (especially going into the weekend) and of course longer term it's up. But this is bitcoinland, where anything can happen.