Intra-year C&H pattern looks like it is forming..
Not to long entry level for this pattern but is past long entry level for the bullish bat pattern it is trading in (see prior post)
Price hit the top of the window of prior gap down and was stopped cold so watch that level at 47.25..
There is more R overhead that may slow FANG down a bit..
Falling wedges can be a reversal pattern at the bottom, not always as a stock can keep on going down in a FW as it can be a long term pattern just like it's opposite, the rising wedge. Both have trendlines that slope in the same direction and narrow, or converge at the apex. As a reversal pattern, it will slope in the direction of the trend, down. As a continuation pattern, the FW will slope against the prevailing trend (IE..in an uptrend). It takes at least 3 weeks to form which differentiates it from a pennant.
Possible stop below handle low (HL) or mid cup (MC)
Just an observation so be safe
Not to long entry level for this pattern but is past long entry level for the bullish bat pattern it is trading in (see prior post)
Price hit the top of the window of prior gap down and was stopped cold so watch that level at 47.25..
There is more R overhead that may slow FANG down a bit..
Falling wedges can be a reversal pattern at the bottom, not always as a stock can keep on going down in a FW as it can be a long term pattern just like it's opposite, the rising wedge. Both have trendlines that slope in the same direction and narrow, or converge at the apex. As a reversal pattern, it will slope in the direction of the trend, down. As a continuation pattern, the FW will slope against the prevailing trend (IE..in an uptrend). It takes at least 3 weeks to form which differentiates it from a pennant.
Possible stop below handle low (HL) or mid cup (MC)
Just an observation so be safe