FractalTrader
Short

Ascending wedge shows a potential bearish setup

AMEX:JNK   SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
54 0 6
Should price move below the pivot low of 35.94, without making a new high, this short setup will be valid. Price should retrace at least the entire wedge , but more likely the entire move from 31.
Comment: should price move above 36.78, this particular trade idea will be invalid. A triangle pattern may still be in play, so I may re-evaluate this pattern again in the coming week
Comment: believe it or not, price has still not exceeded 36.78, so the setup is still in play. No harm no foul yet, since no money in the game until the short setup is triggered at 35.94.
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