AJG has weathered the down turn in the market very well so far. Price is sitting above the .236 of the trend up.
Price is in side a Rising Wedge that is not valid until the bottom trendline is broken. This can be a long term pattern, but I have noted these usually break in a more timely manner since we have been in a bear market.
A rising wedge is a reversal pattern and both trendline slope upward, then narrow at the apex. Bearish confirmation of the pattern does not come until the support line is broken in a convincing fashion. The bottom trendline can act as strong support until it is finally broken.
The bottom trendline usually has a steeper slope than the top trendline, but unlike a symmetrical triangle, a rising wedge has both trendlines sloping up.
This pattern interrupts supply and demand and represents too much supply.
This is not a good pattern to be in so close to the top.
Short when the bottom trendline is broken.
I plan to revisit this one.
No recommendation
Price is in side a Rising Wedge that is not valid until the bottom trendline is broken. This can be a long term pattern, but I have noted these usually break in a more timely manner since we have been in a bear market.
A rising wedge is a reversal pattern and both trendline slope upward, then narrow at the apex. Bearish confirmation of the pattern does not come until the support line is broken in a convincing fashion. The bottom trendline can act as strong support until it is finally broken.
The bottom trendline usually has a steeper slope than the top trendline, but unlike a symmetrical triangle, a rising wedge has both trendlines sloping up.
This pattern interrupts supply and demand and represents too much supply.
This is not a good pattern to be in so close to the top.
Short when the bottom trendline is broken.
I plan to revisit this one.
No recommendation
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Crooked W//Bearish Shark
