Price fell from the 1st rising wedge by breaking the bottom line, but recovered quickly and is now back above the bottom line of the 1st rising wedge.
Another, smaller wedge has formed and price is inside.
Rising Wedges are known to be bearish and can represent too much supply inside the wedge, causing a sell off when the wedge is triggered by breaking the bottom line which is support until broken. This pattern is not valid until the bottom line is broken. Sometimes price can break to the upside from this patter, but in the end the wedge will be broken. This can be a long term pattern.
Both lines slope up and narrow at the apex.
Large cup pattern also noted with EL at 152.20.
Earnings estimated to be on 10-24.
NO RECOMMENDATION
Another, smaller wedge has formed and price is inside.
Rising Wedges are known to be bearish and can represent too much supply inside the wedge, causing a sell off when the wedge is triggered by breaking the bottom line which is support until broken. This pattern is not valid until the bottom line is broken. Sometimes price can break to the upside from this patter, but in the end the wedge will be broken. This can be a long term pattern.
Both lines slope up and narrow at the apex.
Large cup pattern also noted with EL at 152.20.
Earnings estimated to be on 10-24.
NO RECOMMENDATION