WYNN has broken bottom trendline of a bearish rising wedge. I have had this since the double bottom (see prior charts) and that rising wedge was troubling me (O: But I hung in there even though I thought seriously about selling when I saw it. Maybe I should have/Who knows? Had I had a bad entry level, I probably would have sold it. But when you are up, it is easier to hold on. To me that is the importance of a good long entry level..
A bull flag must break the top trendline to satisfy long entry level as a rule, and this is considered R. The bottom trendline of the flag is S. Flags should be light enough that they do not pull the pole down, so pole has to be long enought to support the flag. A tight flag (One without tons of space between price) is preferrable to a loose one..After the break out, the top trendline of the flag becomes support..
Now the stock is in a BF, so I will hang in there..
NV and OBV are bother high/short interest higher than I like..
Rising wedges are formed from too much buying without healthy pull backs. In the end there are not enough buyers to keep the stock at the higher price and Boom, it falls. They mess with supply and demand..The pattern is not valid until bottom trendline is broken. A strong stock may only fall less than 30%, but I have seen some get clobbered after breaking the bottom trendline.
Rising wedges have 2 trendlines that both slope up and converge at the apex. You will notice a lack of touches to the trendline as well..
They do not always break down (in the short term and "short term" is subjective) and a RW can be a very long term pattern. Many are just small, some are huge and their are some stocks that have been in one since the market caught the flu. My friend says they are bullish but our opinions differ on that one! I hate them..lol
Afterall. they operate in China now and China is taking over )o:
That is not why I own this, I just have a group of stocks I like and this one happens to be one of them..
Not a recommendation
A bull flag must break the top trendline to satisfy long entry level as a rule, and this is considered R. The bottom trendline of the flag is S. Flags should be light enough that they do not pull the pole down, so pole has to be long enought to support the flag. A tight flag (One without tons of space between price) is preferrable to a loose one..After the break out, the top trendline of the flag becomes support..
Now the stock is in a BF, so I will hang in there..
NV and OBV are bother high/short interest higher than I like..
Rising wedges are formed from too much buying without healthy pull backs. In the end there are not enough buyers to keep the stock at the higher price and Boom, it falls. They mess with supply and demand..The pattern is not valid until bottom trendline is broken. A strong stock may only fall less than 30%, but I have seen some get clobbered after breaking the bottom trendline.
Rising wedges have 2 trendlines that both slope up and converge at the apex. You will notice a lack of touches to the trendline as well..
They do not always break down (in the short term and "short term" is subjective) and a RW can be a very long term pattern. Many are just small, some are huge and their are some stocks that have been in one since the market caught the flu. My friend says they are bullish but our opinions differ on that one! I hate them..lol
Afterall. they operate in China now and China is taking over )o:
That is not why I own this, I just have a group of stocks I like and this one happens to be one of them..
Not a recommendation
Comment:
Comment: Markets such as we are possibly in now, can perhaps be time to look at break away gaps for Support. They are the least likely to fill in the short term, but do often fill in the long term..we are playing defense now I think..Gaps can serve as strong S