Super simple idea here, each time we've been in a rising wedge we've finished it with a move down. Each time we've been in a falling wedge, we've finished with a move up.
The present falling wedge started as a rising wedge and then moved down, now it is a falling wedge, and now I'm expecting correction as we've been in a downtrend for a little over 400 days here.
Support/Reistance Areas:
Targets:
Conclusion:
If both targets are reached, will re-evaluate and publish an updated chart. If we break and close below the falling wedge, idea is invalidated.
The present falling wedge started as a rising wedge and then moved down, now it is a falling wedge, and now I'm expecting correction as we've been in a downtrend for a little over 400 days here.
Support/Reistance Areas:
- Support - area in the green box
- Resistance - red box
Targets:
- TP 1 - appears to want to get to at least 26.6-26.7k, somewhere between the 200 day SMMA and the 200 week MA.
- TP 2 - could see 30.2k, somewhere in the middle of our previous bearish wedge, crossing above the 200 day SMMA.
Conclusion:
If both targets are reached, will re-evaluate and publish an updated chart. If we break and close below the falling wedge, idea is invalidated.
