A bit of wedge porn today.
One of my favorite setups are these nested wedges but while these are bullish, right now we are sitting at a key support level at 3,230 after 3 weeks of sell-off so there could be some bearish momentum here. The smaller wedge is still forming so we shall see how this pattern ends up.
A daily close below 3,230 is certainly bearish while a break out above these wedges would be otherwise. I have made my personal bet but declaring neutrality for now until we see a confirmed breakout in either direction.
One of my favorite setups are these nested wedges but while these are bullish, right now we are sitting at a key support level at 3,230 after 3 weeks of sell-off so there could be some bearish momentum here. The smaller wedge is still forming so we shall see how this pattern ends up.
A daily close below 3,230 is certainly bearish while a break out above these wedges would be otherwise. I have made my personal bet but declaring neutrality for now until we see a confirmed breakout in either direction.