I figured I'd have a little speculative fun...
At some point the price will break downward out of the rising wedge. I'm assuming it will happen at the black line and form a large triangle pattern that sets up a showdown at the "Perfect Storm" location with the SMA100 & Triangle Resistance on one team (Bears) and the SMA50 & 3500 Support on the other (Bulls). So, who will win?!
It should be a pretty good battle that takes it almost the whole length of the triangle, but ultimately the Bulls win (for now) and price gets driven up to the 3900 zone. This could mark an important event. Price will likely be solidly rejected from there and just may give the Bears the confidence they need to regroup and break the strong 3500 resistance. So then, could a rematch with the 3000 resistance zone be in the near future? Possibly, but the way it kicked the Bears a$s last time, it'll be hard to bet on the upset!
...but what do I know, I'm just a space suit engineer, not a trader.
Good luck!
At some point the price will break downward out of the rising wedge. I'm assuming it will happen at the black line and form a large triangle pattern that sets up a showdown at the "Perfect Storm" location with the SMA100 & Triangle Resistance on one team (Bears) and the SMA50 & 3500 Support on the other (Bulls). So, who will win?!
It should be a pretty good battle that takes it almost the whole length of the triangle, but ultimately the Bulls win (for now) and price gets driven up to the 3900 zone. This could mark an important event. Price will likely be solidly rejected from there and just may give the Bears the confidence they need to regroup and break the strong 3500 resistance. So then, could a rematch with the 3000 resistance zone be in the near future? Possibly, but the way it kicked the Bears a$s last time, it'll be hard to bet on the upset!
...but what do I know, I'm just a space suit engineer, not a trader.
Good luck!