DOW JONES INDUSTRIAL AVERAGE
US30
is trading in Rising Wedge Pattern since long.
The trading zone has been contracting ever since & has now converged to a mere 200 points range.
The index has tried to breakdown of the lower line a couple of instances but bounced back well in range. However, it was never able to break out of top range.
Now we are nearing the decision point where the index has to break out on either side. We have a huge volatility contraction so anticipate a violent move either side.
Going by the basics the scripts have higher chances of breaking down out of rising wedge pattern. But we should regard the market flow & should only make positions once the index breaks out either side with volume support.
US30
is trading in Rising Wedge Pattern since long. The trading zone has been contracting ever since & has now converged to a mere 200 points range.
The index has tried to breakdown of the lower line a couple of instances but bounced back well in range. However, it was never able to break out of top range.
Now we are nearing the decision point where the index has to break out on either side. We have a huge volatility contraction so anticipate a violent move either side.
Going by the basics the scripts have higher chances of breaking down out of rising wedge pattern. But we should regard the market flow & should only make positions once the index breaks out either side with volume support.
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And.......Cracked up bigtime