Two charts:
1) a friendly weekly - excuse the overly extended blue bar
2) a strecthing the friendship daily with its extended timeline. But true friends are forever.
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The
wedge chart pattern signals a reverse of the trend that is currently formed within the wedge itself. Wedges are similar in construction to a symmetrical
triangle in that there are two
trendlines -
support and
resistance - which band the price of a security.
The wedge pattern differs in that it is generally a longer-term pattern, usually lasting three to six months. It also has converging trendlines that slant in an either upward or downward direction, which differs from the more uniform trendlines of triangles.
There are two main types of wedges – falling and rising – which differ on the overall slant of the pattern. A falling wedge slopes downward, while a rising wedge slants upward.
Falling Wedge
The falling wedge is a generally bullish pattern signaling that one will likely see the price break upwards through the wedge and move into an uptrend. The trendlines of this pattern converge, with both being slanted in a downward direction as the price is trading in a downtrend.
Analyzing Chart Patterns: The Wedge https://www.investopedia.com/university/charts/charts7.asp#ixzz4ygQDfw7R
