This is an example of a steep rising wedge.
Both trendlines slope up and contract at the apex.
This pattern is not valid until the bottom trendline is broken which is not gonna be too difficult considering the steep slope of this wedge pattern.
No recommendation.
Example of a Falling wedge which is Bullish and the trendlines narrow or contract to the apex, followed by a very steep rising wedge. A falling wedge is not valid until the top trendline is broken.
If price turns down here this would be a Bearish Nen Star that terminates at the 1.272. The Nen Star have valley 2 lower than valley 1 in the bearish version. Bearish harmonic patterns are only called bearish because they reverse down at the end of the 4th leg but can be very profitable as a long one were to get in at a good entry level on the 4th leg.
With the market as strange as it has been, price could go even further though.
If you do not know what to do, sometimes it is better to do nothing (bear market rallies can be a feeding frenzy, the big guys get full and move on so knowing when a move up is overextended can be very, very important.
This is also a W pattern that I am not delving in to in this post.
Good luck!
Both trendlines slope up and contract at the apex.
This pattern is not valid until the bottom trendline is broken which is not gonna be too difficult considering the steep slope of this wedge pattern.
No recommendation.
Example of a Falling wedge which is Bullish and the trendlines narrow or contract to the apex, followed by a very steep rising wedge. A falling wedge is not valid until the top trendline is broken.
If price turns down here this would be a Bearish Nen Star that terminates at the 1.272. The Nen Star have valley 2 lower than valley 1 in the bearish version. Bearish harmonic patterns are only called bearish because they reverse down at the end of the 4th leg but can be very profitable as a long one were to get in at a good entry level on the 4th leg.
With the market as strange as it has been, price could go even further though.
If you do not know what to do, sometimes it is better to do nothing (bear market rallies can be a feeding frenzy, the big guys get full and move on so knowing when a move up is overextended can be very, very important.
This is also a W pattern that I am not delving in to in this post.
Good luck!
Comment:
I guess that is just the way the story goes
Trade closed: target reached:
We should always know when we are in trouble and is why we learn to read and learn about technical analysis
Comment:
Price had broken upward from the rising wedge for the time being.
Possible higher targets if wedge is not broken are 148.35, 154 to 158.
Possible higher targets if wedge is not broken are 148.35, 154 to 158.
Comment:
Playing with the big guys is not easy and they will play you in a heartbeat. Their latest fad was healthcare (tanking but watch out) and currently banks (also watch out). Now they are buying tech.
They will leave you there crying in your beer if you are not playing it safe.