merry crashmas, page-66

be careful Peter. That was another thing I was reading just this morning in my edwards and magee book. The rising wedge and the ascending triangle only look subtlely different on the chart....in fact people make the mistake of believing the higher highs of the rising wedge is even more bullish than the constant high of the ascending triangle.

The theory behind an ascending triangle is that there is a big player selling at a fixed price....hence the horizontal upper line. There is more buyer interest than what the seller has on offer and hence the higher lows. When the seller is done the price is free to move up.

with a rising wedge there is no big seller but rather the highs moving up more slowly than the lows indicate a drying up of buyer interest.

IMO if you redraw your upper line starting from the 17th and taking in the 2 highs then you got yourself a rising wedge.....complete with diminishing volume.