We have this Ascending Broadening Wedge on the 4 hourly time frame. As we see on the social media everybody is bullish again and that's the point where i am looking in the other direction. I exited my long position from 37.7k because of the bearish divergence on the 4 hourly and entered short postion at 42.2k. Ascending Broadening Wedge is a bearish pattern and we already have a break out and retest of the support line now turned into resistance.
What do you think about this Ascending Broadening Wedge? Feel free to leave a comment.
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Looks like a textbook play. Though with this volatile market with only the large holders swaying the price in either direction for accumulation, you can never really tell. The odds are certainly in its favour, so likely a good trade mate. Keep up the good work ! I can also count a 5 wave impulse to the upside, so perhaps an ABC correction at play which would coincide with your broadening wedge pattern play.
Mladen94
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@krisso9876, Thanks mate, i appreciate your comment.
I can also count a 5 wave impulse to the upside, so perhaps an ABC correction at play which would coincide with your broadening wedge pattern play.