Ascending Narrowing Wedge to finish off the Right Shoulder

2 Mar 2018

For this analysis I decided it was time to zoom out a little bit, as things get a little bit unpredictable on the faster interval. There is a clearly converging ascending narrowing wedge that aims to finish the right shoulder of our massive head and shoulders; an interesting development, considering that ascending narrowing wedges tend to actually be bearish rather than bullish, but the completion of the head and shoulders would be a wildly bullish outcome. This may be indicative of a small fake-out drop upon completion of the wedge and shoulder before the price regains traction on its steady climb upwards. Happy trading!