Elrond EGLD Rising Wedge bearish

The Rising Wedge has been confirmed April 18th for Elrond and volume is going down which is usually no a good sign.. The lower line of the wedge is support and the top
red line is resistance inside the Wedge.

As a continuation pattern, the rising wedge will still slope up, but the slope will be against the prevailing downtrend. As a reversal pattern, the rising wedge will slope up and with the prevailing trend

The Rising Wedge is a bearish pattern that begins wide at the bottom and contracts as prices move higher and the trading range narrows. In contrast to symmetrical triangles, which have no definitive slope and no bullish or bearish bias, rising wedges definitely slope up and have a bearish bias.

To confirm a wedge you need those ingredients :

1-At least 2 touch on the upper line and touch on the lower line (support)

2-Ideally, volume will decline as prices rise and the wedge evolves. An expansion of volume on the support line break can be taken as bearish confirmation. It's the result of the contraction.

Bearish confirmation of the pattern does not come until the support line is broken in a convincing fashion. It is sometimes prudent to wait for a break of the previous reaction low. Once support is broken, there can sometimes be a reaction rally to test the newfound resistance level.