Broadening wedge found on EURCAD. Recently hit 1.618 of the fibonacci extension. It is also in a critically overbought condition on the stochasticRSI indicator.
Certainly on a temporary level it's a good shorting opportunity, and obviously on the eventual breakout of the ascending broadening wedge there will be a high probability shorting opportunity also (if it breaks below the wedge)
The buy and sell signals on the stochastic RSI have so far been rather reliable, and these buy and sell signals line up with the support/resistance areas of the broadening wedge pattern.
Be aware that this pattern can breakout either way!
Certainly on a temporary level it's a good shorting opportunity, and obviously on the eventual breakout of the ascending broadening wedge there will be a high probability shorting opportunity also (if it breaks below the wedge)
The buy and sell signals on the stochastic RSI have so far been rather reliable, and these buy and sell signals line up with the support/resistance areas of the broadening wedge pattern.
Be aware that this pattern can breakout either way!