Descending wedge

This is an updated descending wedge from previous idea, now with more clarity. I am planning on taking 1/3rd position at the 3 green arrows indicated, retest of bottom trend line (if we see a retest), breakout of top trend line, and retest of top trend line from above (if we see a retest). Ideally, I would like to see that 200 MA line up with the bottom trend line and get a strong retest. Target is $13,000.

Comment:

We had an earlier breakout than expected. I took a 1/3rd position on the break and 1/3rd more when we had a successful retest. Since the breakout occurred at $10.8k this moves our target price up to $13.8k (previous high, go figure!)

Also, this wedge may not have been the valid pattern. Looking back I see a descending broadening wedge that had a successful breakout above. This would have a target price of $12.3k so we will watch the action in the area between $12.3-13.8 for signals.