has never broken the bottom trendline of the bearish rising wedge
it traveled in and has made a lot of gains since breaking up and out of it..You can see rising wedges
by the trendlines
sloping up and toward each other with a lack of touches to the bottom trendline. I have noticed several stocks do this, break up from a RW
, but there is usually a deep pull back later on, ie CRM
broke up and out when added to the DOW. Bearish
confirmation of the pattern does not come until the support line is broken in a convincing fashion. While it is a consolidation formation, the loss of upside momentum on each successive high gives the pattern its bearish
bias. However, the series of higher highs and higher lows keeps the trend inherently bullish
. The final break of support indicates that the forces of supply have finally won out and lower prices are likely. Because the two levels are not parallel it’s considered a terminal pattern. This implies that it must eventually come to an end. But who knows when?? LOL May go up forever for all I know (o: GS
did break bottom trendline of the larger rising wedge
and formed a flag and an abc bullish pattern
in the process.
Maybe it will never come back down to the lower, smaller RW? AAPL
has not done so yet..
There is also a prior cup and handle
pattern, an ABC bullish
formation and now a Bull Flag! I bet the best matador could not kill this bull! But Mr Market will but it may not be anytime soon and there is not way to know when.
Short interest is on the low side despite the presence of rising wedges
. NV and OBV are very high...
I would just be careful..but I am not in this one so do not listen to me )o:
Not a recommendation and be safe..