Wedge Pattern: Reversal & Continuation Pattern
The Ending Diagonal Pattern of Elliot Wave Theory = The Wedge Pattern In Classic Chart patterns
Basic Rules For The Wedge Pattern:
1. Consists of five waves
1-2-3-4-5
2. Each wave subdivides into a zigzag
a-b-c
3. Waves 1 and 4 overlap in price
4. Wave 1 is usually the longest
5. Wave 3 can not be the shortest
The "Wedge Pattern" can be found as a "Reversal Pattern" or a "Continuation Pattern"
A "Rising Wedge Pattern" created during an uptrend works as a "Reversal Pattern"
A "Rising Wedge Pattern" created during a downtrend works as a "Continuation Pattern"
A "Falling Wedge Pattern" created during a downtrend works as a "Reversal Pattern"
A "Falling Wedge Pattern" created during an uptrend works as a "Continuation Pattern"
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Basic Rules For The Wedge Pattern:
1. Consists of five waves
1-2-3-4-5
2. Each wave subdivides into a zigzag
a-b-c
3. Waves 1 and 4 overlap in price
4. Wave 1 is usually the longest
5. Wave 3 can not be the shortest
The "Wedge Pattern" can be found as a "Reversal Pattern" or a "Continuation Pattern"
A "Rising Wedge Pattern" created during an uptrend works as a "Reversal Pattern"
A "Rising Wedge Pattern" created during a downtrend works as a "Continuation Pattern"
A "Falling Wedge Pattern" created during a downtrend works as a "Reversal Pattern"
A "Falling Wedge Pattern" created during an uptrend works as a "Continuation Pattern"
"Thumbs Up" If you found this content useful😀
Thank you and Good Luck!
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