We appear to potentially be breaking above the rising wedge.

While I've been confident we would break up from the current rising wedge instead of down from the head and shoulders pattern for roughly a week now, I wasn't sure if that would be before another retest of the head and shoulder neckline at the bottom of the wedge or not, but now we have two 4 hour candles up out of the rising wedge with an hour and 5 minutes left before the current one's close. Until we see a surge in bullish volume we haven't confirmed the breakout so keep that in mind...I'd say a smart place to buy in would be a couple pips above the 4hr 50ma (in orange) because that is our current resistance and for us to reach 2 pips above it will likely require flipping it from resistance to support. I'm confident if we flip that moving average to support we will confirm the breakout so I have a stop buy set up for 2 pips above the ema.

Komentar:

I meant Falling Wedge of course. I have referred to it as falling wedge several times in the past few ideas and just simply had a brainfart this time but now it's too late to edit it.