A 4hr falling wedge has emerged as the current dominant patternAfter seeing price action climb up and reject right at the top trendline of this falling wedge then fall back down and find support right at the bottom trendline of this falling wedge I can now say with a fair amount of certainty that the h&s patterns were decoys cloaking this falling wedge which seems to have now emerged as the most legitimate current chart pattern. I anticipate one more bounce down and up before a breakout will occur and maybe even on the final bounce down a wick that dips a decent ways below the bottom trendline...possibly even to that 8500 cme gap everyones been waiting on. I wont be risking waiting on that though and will be playing the trendlines instead and if we do dip down that low I'll simply buy the dip. I think we may continue to consolidate like this until the 3 day golden cross which should occur in the first week or 2 of august. Once that happens I anticipate it will help us to climb 87% percent in price just like the 2day golden cross and the 1 day golden cross before it both did. Quick rule of thumb: Falling Wedges and h&s tend to simultaneously develop quite often...so if you spot one the others probably hiding somewhere in there as well...and on the flipside of the coin, inv h&s and rising wedges.
