The rising wedge pattern typically represent a reversal, however in market conditions lately we've learned to stay open minded and that anything is possible. We will focus on the candlestick story teller within the patter. Is it the bulls or the bears who dominate this pattern?. A trick we use is to fade the candles, at this point in time it seems like the bulls are dominating this pattern and we do expect a break to the upside. We will however not be blinded for downside opportunities. Stay focused and keep your head in the game.
Information, charts or examples contained in this analysis are for illustration and educational purposes only. It should not be considered as advice or a recommendation to buy or sell any security or financial instrument. We do not and cannot offer investment advice.
Information, charts or examples contained in this analysis are for illustration and educational purposes only. It should not be considered as advice or a recommendation to buy or sell any security or financial instrument. We do not and cannot offer investment advice.
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We've used an estimate of pattern height as both target projections up and down. The down TP coincide with a support level and this might give us some indication where the price can stop when it starts falling.
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Lets take it one step further, expect the break to happen before 21 Feb 21
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Break of wedge, halfway to our target. Can we possibly see a correction to test the resistance of the wedge as support (change in polarity principle) before moving higher?
Change in polarity is a powerful trading concept and we will look at it in detail with and educational post.
Change in polarity is a powerful trading concept and we will look at it in detail with and educational post.
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First target in reach, trades managed.
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Did this rising wedge gave us a hint that the trend and a final push higher was just a confirmation of bulls running out of steam.