@BeFinanceMate, Probly in for more pain first... might be in for a retest to support 23,330 reaching back to last double bottoms; upside reaction to the break-down was really weak
DaddySawbucks
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Kudos Sultan, good job. Thanks for this insight my friend, I did really well today.
Don't expect any big breakout upside though. Look for a brief, weak upside reaction to retest resistance at trendline, then the fun really begins. Good luck!
DaddySawbucks
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DOH I see now what you meant - from wiki: "Following a breakout, the price typically moves at least the height of the wedge (measured at the base where the two trendlines start).
Estimate how far the price could run after a breakout by measuring the height of the pattern, but understand that if a major trend is underway, the price could run a lot further. If you are long during a rising wedge, a downside breakout is a warning sign to get out. If short in a falling wedge, and the price breaks upward, consider exiting.
Wedges can last a long time, narrowing into a smaller or smaller price area. This may result in anticipating when then it will end, or taking trades before the breakout thinking that a breakout will occur soon. It is better to wait until the actual breakout occurs than to speculate on when it will happen."
Time to fill the gap