1. A right-angled descending broadening wedge is a bullish reversal pattern. The pattern is formed by two diverging lines, the resistance being a horizontal line and the support a bearish downward slant, so it is an inverted ascending triangle. ... The formation of this pattern has to be preceded by a bullish movement. Thats clearly what we see in this case.
2. A retest of both the broken trendline and the resistance zone.
3. With all these confluences the possibility is high that the market will drop.
Careful trading and have a wonderful day.
Do sure follow if this helps.
2. A retest of both the broken trendline and the resistance zone.
3. With all these confluences the possibility is high that the market will drop.
Careful trading and have a wonderful day.
Do sure follow if this helps.