Falling Wedge Rising Wedge V Bottom
The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge. In contrast to symmetrical triangles, which have no definitive slope and no bias, falling wedges definitely slope down and have a bullish bias. However, this bullish bias cannot be realized until a resistance breakout occurs.
A Falling Wedge fit into a reversal pattern at the bottom, but can also fit into the continuation category. As a continuation pattern, the falling wedge will still slope down, but the slope will be against the prevailing uptrend. As a reversal pattern, the falling wedge slopes down and with the prevailing trend. Regardless of the type (reversal or continuation), falling wedges are regarded as bullish patterns.
A falling or Rising wedge differs from a pennant or a flag in that it takes 3 weeks or more to form
Prior high at 115ish..strong support there
B/O from V bottom at 105ish/support there too
Can mean sellers are becoming exhausted
NV is high/Short interest higher than I like
Just seems like this one had a long run up and may need to pull back a bit more. We all have our own opinions though
Not a recommendation
A Falling Wedge fit into a reversal pattern at the bottom, but can also fit into the continuation category. As a continuation pattern, the falling wedge will still slope down, but the slope will be against the prevailing uptrend. As a reversal pattern, the falling wedge slopes down and with the prevailing trend. Regardless of the type (reversal or continuation), falling wedges are regarded as bullish patterns.
A falling or Rising wedge differs from a pennant or a flag in that it takes 3 weeks or more to form
Prior high at 115ish..strong support there
B/O from V bottom at 105ish/support there too
Can mean sellers are becoming exhausted
NV is high/Short interest higher than I like
Just seems like this one had a long run up and may need to pull back a bit more. We all have our own opinions though
Not a recommendation
Penafian
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