Hi traders,
Today I want to share an interesting pattern with you. Looking at the weekly chart a falling wedge has been (near) completion.
Falling wedges are classified as reversal patterns. Please click this link for a reference: d.stockcharts.com/school/data/media/chart_school/chart_analysis/chart_patterns/fallingwedge-fcx.png
The dip we are going through would be the support test or pullback. The support line of the wedge lines up with the weekly EMA at about 7.8 - 8k.
If completed price could move significantly higher.
Breaking through lower than 7k would invalidate this pattern.
Please keep in mind that this is a scenario and that a invalidation of this pattern is always possible.
Greetings and goodluck,
Vincent
Today I want to share an interesting pattern with you. Looking at the weekly chart a falling wedge has been (near) completion.
Falling wedges are classified as reversal patterns. Please click this link for a reference: d.stockcharts.com/school/data/media/chart_school/chart_analysis/chart_patterns/fallingwedge-fcx.png
The dip we are going through would be the support test or pullback. The support line of the wedge lines up with the weekly EMA at about 7.8 - 8k.
If completed price could move significantly higher.
Breaking through lower than 7k would invalidate this pattern.
Please keep in mind that this is a scenario and that a invalidation of this pattern is always possible.
Greetings and goodluck,
Vincent
Note
Here is where my head is at. So a support test of the wedge would be required. If that would play out I think we should be able to get a rocket launch from the 7.4k range.Note
Wow it seems we actually bounced of the wedge. Curious to see how this is further going to play out.
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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.