Falling wedge in pitchfork - watch for new high
See chart for falling wedge.
Most falling wedges resolve upward back to the base of the move. Because this is in a pitchfork, and the wedge may resolve before the median line is touched, there is a high probability that the Haplopian line gets hit on the retrace (white arrow). That places the target at around 2080.
Most falling wedges resolve upward back to the base of the move. Because this is in a pitchfork, and the wedge may resolve before the median line is touched, there is a high probability that the Haplopian line gets hit on the retrace (white arrow). That places the target at around 2080.
Trade active
Price hit the pitchfork median so the odds of hitting the Haplopian line are diminished.The wedge, however, did resolve to the upside. Still a good chance of moving from here to the upper boundary of the pitchfork.
Target moved to 2072.
Trade closed: stop reached
Stopped out overnight.
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