URI also broke out of an A Triangle at 171.5 ish. All time high for URI is 190.74. Yearly Low is 58.58 so if the market coopereated, a gain from the deep C&H pattern would be substantial. It would have to get past the all time high and also get out of this long term rising wedge that finally caught up with it, but according to the pattern, the cup is 113/approximate deep. 171.75 + 113= ALOT. LOL That would be long term and unless it gets past some obstacle, it will not happen anytime soon
Rising wedges are long term patterns and both trendlines slope up unlike triangles. In the end, there is a shortage of buyers because everyone already bought it! They are almost always bearish in the end, but you can trade inside of it if you watch the bottom trendline. Too stressful for me, so I do not trade the stock until they fall out
Falling wedges at the bottom are bullish
There is also an ascending triangle. The top of the triangle could supply strong S at 171.5ish. If it falls past there, I see strong S at 153.5ish
Be safe and watch those rising wedges as they are everywhere in this market. There are few to be found in the financial, travel or utility sector.
Not a recommendation
Rising wedges are long term patterns and both trendlines slope up unlike triangles. In the end, there is a shortage of buyers because everyone already bought it! They are almost always bearish in the end, but you can trade inside of it if you watch the bottom trendline. Too stressful for me, so I do not trade the stock until they fall out
Falling wedges at the bottom are bullish
There is also an ascending triangle. The top of the triangle could supply strong S at 171.5ish. If it falls past there, I see strong S at 153.5ish
Be safe and watch those rising wedges as they are everywhere in this market. There are few to be found in the financial, travel or utility sector.
Not a recommendation