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platinum_growth
May 14, 2020 12:30 AM

ASX200 daily- Rising Wedge+failed to break 38.2% Fib retracem Short

S&P/ASX 200 IndexASX

Description

ASX200 daily- Rising Wedge + Failed to break 38.2% Fib retracement.

According to Thomas Bulkowski "Rising Wedges, especially for downward breakouts, are some of the worst performing chart patterns. Downward breakouts have an unacceptably high failure rate and small post breakout declines. Also, throwbacks and pullbacks occur 72% of the time."

Breakout for Rising Wedges: Can be in either direction, 60% of the time downwards.

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