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SPX 500 Analysis(Rising Wedge Pattern)!SPX 500 Analysis on Weekly Timeframe! Rising Wedge Pattern in SPX500 Rising Wedge Pattern Formation after a Strong Downtrend SPX500 was in downtrend before now we are seeing a temporary uptrend but if we observe carefully it is an unstructured uptrend, for trend reversal it has to break 4323.56 level. Now SPX500 has formed a Rising Wedge Pattern. This pattern formation happened after a long down move. Now SPX500 is taking a pause and trading inside a wedge. If SPX500 able to break Support Trendline then the Primary trend will continue which is a Downtrend. I have done all important Analysis on the chart. I hope this will help you to forecast the further direction of SPX500.
SP:SPX
by Avinash9087
📈How to Trade: Rising Wedge Pattern📌 What is the Rising Wedge Pattern? The rising wedge is a bearish chart pattern found at the end of an upward trend in financial markets. It suggests a potential reversal in the trend. It is the opposite of the bullish falling wedge pattern that occurs at the end of a downtrend. Traders recognize the rising wedge as a consolidation phase after a medium to long-term trend, indicating a decrease in momentum. Traders often use this pattern as a signal to take a short-selling position or exit their current position. 📊 How to Identify and Use the Rising Wedge 🔹 Identify an existing trend in a currency pair. 🔹 Draw support and resistance trend lines along with the highs and lows of the trend. 🔹 Wait for price consolidation and the contraction of the support and resistance lines, forming a rising wedge pattern. 🔹 Observe the upper trend line acting as resistance and the lower trend line acting as support, converging towards each other. 🔹 Place a sell order once the price breaks below the support line of the rising wedge pattern. 🔹 Set a stop-loss order at the same level as the support trend line to manage risk in case the price reverses. 🔹 Consider setting a profit target based on the distance between the highest and lowest points of the wedge pattern or by using a technical indicator or a previous support level as a reference. 💥 Key Takeaways: 🔸 The rising wedge is a technical chart pattern used to identify possible trend reversals. 🔸 The pattern appears as an upward-sloping price chart featuring two converging trendlines. 🔸 It is usually accompanied by decreasing trading volume. 🔸 A rising wedge is often considered a bearish chart pattern that indicates a potential breakout to the downside. 🔸 Wedges can either form in the rising or falling direction. 👤 @QuantVue 📅 Daily Ideas about market update, psychology & indicators ❤️ If you appreciate our work, please like, comment and follow ❤️
Education
by QuantVue
6
RISING WEDGE IN THE MAKING ON BTC/USD!RISING WEDGE IN THE MAKING ON BTC / USD. WHAT CAN WE EXPECT? BULLISH; WE CAN HAVE A STRONG BOUNCE ON THE BOTTOM OF THE SUPPORT BOX (GREEN). THIS WILL BE SEEN AS A FAKEOUT OF THE PATTERN. WE SEE THIS KIND OF FAKEOUTS OFTEN ON BTC. IN THIS WAY THE LIQUIDITY IS SEARCHED FROM BOTH SIDES. REMEMBER, THE MARKET ALWAYS WINS. IF WE HAVE A BOUNCE WE CAN EXPECT A PRICE TARGET OF APPROXIMATELY $11000 TO $12000. THIS WOULD PUT US INTO THE PREVIOUS SUPPORT ZONE (PURPLE BOX), WHERE ALSO THE 0.5 FIB LVL IS SITUATED. AFTER A HEAVY DOWNWARD PRICE ACTION, WE OFTEN SEE THAT THE COURSE IS TEMPORARILY RECOVERING AND IS GOING TO LOOK UP THE 0.5 FIB LVL. ONCE THIS IS ACHIEVED, IT WILL BE TESTED AS RESISTANCE AND CONTINUES WITH THE FALLING PRICE ACTION. THIS WOULD ALSO BE LOGICAL SINCE THE LOCATION OF THIS LVL IS IN PREVIOUS SUPPORT ZONE. THIS ZONE WOULD BE TESTED AS A RESISTANCE ZONE. BEARISH; CURRENTLY, IT LOOKS LIKE WE ARE BREAKING THROUGH THE BOTTOM OF THE PATTERN. THIS IS NORMAL SINCE IT'S A RISING WEDGE. WE CAN EXPECT A PRICE TARGET OF APPROXIMATELY $9600. WE COULD FIND SUPPORT ON THE IMPORTANT TREND LINE (DARK BLUE), AS LONG AS WE STAY ABOVE THIS LINE, THERE IS NO REASON TO PANIC. IF WE HAVE A CLOSURE UNDER THIS LINE, WE CAN EXPECT FURTHER DOWNWARD PRICE ACTION. ALSO THE IMPORTANT SUPPORT ZONE (GREEN BOX) WOULD BE BROKEN. IT'S IMPORTANT TO KNOW THAT, CURRENTLY, EVERYONE FOCUSES ON THAT "IMPORTANT" CME-GAP AND SO PROBABLY A LOT OF BUYER ORDERS HAVE BEEN PLACED AROUND THAT LEVEL. IN MY OPINION, IF WE GO TO LOOK UP THIS LVL,WE WILL JUST BREAK THAT LVL AND HAVE HEAVY DOWNWARD PRICE ACTION TO CATCH EVERYONE BY SURPRISE. DON'T FORGET, WE ARE TALKING ABOUT BTC! BE PREPARED!
BITSTAMP:BTCUSD
by ADBCrypto
5
Double Top in EUR/USD: Short signalI entry when the previously candlestick was formed to entry in short position, now it''s late to entry, because the price is go down now, but there are an interestig entry when you make this example for you, because we are in another and updates chartist pattern in formation and that called Bearish rising wedge, but in that case, we could to see that this chartist pattern is bearish. So, in H1 timeframe we have a confirmation of double top, also look how the RSI is lossing force of boughts Also, but more important is to recognize when the price is lossing boughts, because using the bearish divergence is important in all class of what type of traders are you. so, look below in this screenshoot in H4 timeframe, that is ia bearish divergence in the H4 timeframe. And finally, in Daily timeframe we are in this chartist pattern called bearish rising wedge, but remember that EUR/USD is in bull run rally, but that nos neccesary that mean a EUR go to down the price, not neccesary, this is a possible re-accumulation and we are in the Elliot Wave # 4 for then, as updated to find up the Elliot Wave # 5 in the $!.17 USD, that is amazing entry in long in the zone of $1.13 USD. So, I entry in the just zone when finished the candlestick, so the target is to find form me 96 pips, in your case if you entry in the green zone if the price make a pull back, your targets will be approximately 75 pips.
Short
by harisonhbn9718
3
GOLD SHORT - Rising Wedge (Technical Analysis)Hi traders. Gold has recently been in consolidation after a bullish few days and struggled to break around the resistance region of $1656, but also appears to hold support around the region of $1645. As of now, on the 1D time frame, we can see the formation of a rising wedge - I think now is the perfect time to short this pair, once the rising wedge is broken out of, in order to confirm the sell position. RSI seems to be approaching overbought region, further confirming this idea. I will be seeking to enter shorts from $1650 or above. Aim is to swing it down as low as possible. I would hope the second purple support trend line is breached, but I would aim to take profits off the table every time it goes down. Move stop loss into entry once in significant profit as well to ensure you cannot run into a loss. Good luck trading! This is just technical analysis . Do not follow this trade blindly! If you managed to read it this far down, thanks for reading this! If you could, please do offer your ideas & perspectives on this pair. Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from. Please drop a follow! I need reputation points!!
FX:XAUUSDShort
by TheFinancialTRDR
1
Two shapes of Rising Wedge PatternsI have explained about Rising Wedge Patterns on this Tutorial in detail. Rising Wedges are bearish pattern and it generates bearish signal; Rising Wedge Patterns forms with Higher Highs and Higher Lows. Rising Wedge pattern basically forms in two shapes ; If rising wedge pattern forms in an uptrend it will make reversal and if rising wedge pattern forms in a downtrend it will make continuation. The higher highs and the lower lows along makes a trend resistance and trend support. When breakout occurs downside, price breaks the trend support line. In rising wedge breakout occurs downside 60 to 70% of the time. To confirm a true breakout, we can take help of Volume indicator. In a true breakout there will be big volume than usual. We should use other indicators like MACD and RSI also to confirm that it will turn bearish before taking entry in a trade. (We can see MACD divergence, RSI Divergence and where the RSI is...) Thank You; Stay Tuned 👍, more tutorials and strategies coming!
Education
by tapasdhanadana
1
Two Shapes of Falling Wedge PatternsIn the previous educational post, i posted about Rising Wedge patterns and in this post i have explained about Falling Wedge Patterns. (Falling Wedge is opposite of Rising Wedge pattern; for every chart patterns there are opposite patterns excluding some.) Falling Wedges are Bullish Patterns and it generates bullish signal, Falling wedge patterns forms with Lower highs and Lower lows. Falling Wedge pattern basically forms in two shapes same as Rising Wedge ; If Falling wedge pattern forms in an uptrend it will make continuation and if Falling wedge pattern forms in a downtrend it will make reversal. The Lower highs and the lower lows along makes a trend resistance and trend support. When breakout occurs upside, price breaks the trend resistance line. In Falling wedge breakout occurs upside 60 to 70% of the time. To confirm a true breakout, we can take help of Volume and other indicators. In a true breakout there will be big volume than usual. We should use other indicators like MACD and RSI also to confirm that it will turn bullish before taking entry in a trade. (We can see MACD convergence, RSI convergence) Stay Tuned 👍 ; Thank You; Check out Rising Wedge if you didn't ()
Education
by tapasdhanadana
1