1 day falling wedge unveiled
in the shortterm I expect a break down from the current red symmetrical triangle weve been in on the 4hour chart so this idea will be short for now...however in the medium term I now see a big falling wedge in green on the 1 day chart thats apex stretches to April and believe we will ultimately break upward from this pattern. Interestingly enough the target breakdown for the red symmetrical triangle pattern lines up exactly with the bottom trendline of the current green falling wedge pattern so I may set my limit buy right around 3364 because of this. i think we break down to 3360 or so, find support on the bottom trendline of this falling wedge then bounce back up to the top wedge from there around 3632...then get rejected back down and bounce up off the weekly 200ma or so then it sends us breaking up out of the wedge at around no lower than 3421 if we break out of the wedge there it can take us to 4.1k and far above that descending dotted white line of resistance we encountered originally back when people were thinking it was a neckline to a big inverted head and shoulder pattern..however just above that is the top trendline of the bigger falling wedge we are in at around 4.2k so that resistance may provide too strong to break we will have to wait and see...there is also the chance that the 200weekly MA may not hold in which case we will likely continue further down in the falling wedge and break upward closer to the apex. I think if we do go below there the horizontal yellow support trendline I have here on the chart at that range will hold good support. so short term I expect more downward motion but mid-long term I expect a break upward from this falling wedge.
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