Descending broadening wedge + Ascending Channel on PCLN

Channel trading with two possibilities at the end: long or short. I believe the short is the most probable scenario with the channel hypotisis as we have a longer term trendline resistance. If this confirms the price will hit 0.618 zone. If not, the broadening wedge pattern will hit a similar zone to the long side of the channel. ( Green arrow ).

For the wedge pattern we need to look at a break of the upper trendline of the channel. For safety i prefer going out at the second arrow.

I will see again and do another chart when we'll be closer to the longer term resistance trendline . For now, i suggest going long the channel (that trade is placed on the chart with the risk/reward tool).

If you have something to say feel free to leave a comment, i'm always glad to know other people's opinions and explain to them my ideas.


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