A falling wedge occurs between two downwardly sloping levels. In this case the line of resistance is steeper than the support. A falling wedge is usually indicative that an asset’s price will rise and break through the level of resistance, as shown in the example below. ig.com/en/trading-strategies/10-chart-patterns-every-trader-needs-to-know-190514
Perfect bottom of the wedge which coincided with a daily support, a likely and probable in hindsight would go with be a great buy! Bull flag formation and retracement to fib 0.618 to retest wedge should the price go lower.
Perfect bottom of the wedge which coincided with a daily support, a likely and probable in hindsight would go with be a great buy! Bull flag formation and retracement to fib 0.618 to retest wedge should the price go lower.
Note
15 minute possible double top to be aware of supporting a probable and possible retrace to the 0.618 and daily at 19,172Note
Cheeky trade given the momentum, with responsible rick management. 0.382 (0.618) retest and on daily support to the upside, failing that I'd look at 19,172.Note
Also be aware that todays top rejected off yesterdays low. Pretty much been the case since the downward trend. 12 Hour is a good indicator for highs rejecting off previous 12 hour lows. :)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.