Rising wedge ( is there a possibility of a duplicate reaction?)
Updated
Rising wedge in similar fashion to Fall '19 through Feb '20? Will price action continue within the wedge until the funnel narrows to a point, or will this be the last week in it given the coinciding trend lines from top in February and bottom in March (indicated by black arrow). If price continues in wedge , it's possible this upward action could last another couple of weeks and test the .88 at 3258, or perhaps even break out of the wedge and challenge/break ATH . Would be interesting if something big were to happen right as .886 (vertically) and 1.114 (horizontally ) are tagged in conjunction.
Comment
Could not update the chart, but by extending the Fib 1 to the end of the wedge places this week at .886 time based fib.Comment
Today's action rose briefly above the .886 fib (approx. 3256.30) of the "A wave," but failed to close above it. A breakout or breakdown will be evident by the end of July given the slope of the rising wedge and the measurement of a time based fib ratio from .886-1. Price is continuing to track the wedge quite closely. My line in the sand is right above the .95, which is approx. 3333.16, as that gap could fill. The next couple of trading days will be very interesting to see how all this plays out.
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