HON is also in a RISING wedge, again
HON traveled up from the bottom is a rising wedge, fell out and recovered. Now it is another smaller RW
It is past Long entry level for the C&H Pattern
Targets are 176.4 183 and 187.8
Rising wedges can be very long term patterns and are only valid if price pierces bottom trendling. It is also poaaible for price to break up and over the RW pattern. CRM did so but now CRM is in another rising wedge and close to the bottom trendline
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.
As a continuation pattern, Usually in a downtrend) 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. Regardless of the type (reversal or continuation), rising wedges are bearish
A RW differs from a flag or a pennant and takes at least 3 weeks to form
Just keep an eye on bottom trendline of the RW. A strong stock may dip out only briefly. Another may fall quite a bit and another may not fall at all. A stock can break up from a RW but the break up is often short lived
All patterns can fail
Not a recommendation
HON traveled up from the bottom is a rising wedge, fell out and recovered. Now it is another smaller RW
It is past Long entry level for the C&H Pattern
Targets are 176.4 183 and 187.8
Rising wedges can be very long term patterns and are only valid if price pierces bottom trendling. It is also poaaible for price to break up and over the RW pattern. CRM did so but now CRM is in another rising wedge and close to the bottom trendline
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.
As a continuation pattern, Usually in a downtrend) 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. Regardless of the type (reversal or continuation), rising wedges are bearish
A RW differs from a flag or a pennant and takes at least 3 weeks to form
Just keep an eye on bottom trendline of the RW. A strong stock may dip out only briefly. Another may fall quite a bit and another may not fall at all. A stock can break up from a RW but the break up is often short lived
All patterns can fail
Not a recommendation