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Patterns are patterns. They don’t all play out. Above is a version using the ruleset about broadening wedges which has us starting to trend up past 11k. Do I think we’ll get there this run? No. There’s too much resistance between here and there. But I do think we’ll break up at this point and break 9k. The signal for this is a strong break of that upper resistance line. If we come back down we’ll have to see if the broadening wedge continues to print or if it gets stopped by that support shown.
Patterns are patterns. They don’t all play out. Above is a version using the ruleset about broadening wedges which has us starting to trend up past 11k. Do I think we’ll get there this run? No. There’s too much resistance between here and there. But I do think we’ll break up at this point and break 9k. The signal for this is a strong break of that upper resistance line. If we come back down we’ll have to see if the broadening wedge continues to print or if it gets stopped by that support shown.
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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.