WEDGES PDF BY ELISHAFX

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Rising Wedge

Rising wedge is a bearish formation pattern where price makes higher highs and higher lows but the support line is steeper than the resistance line every new high is created with loss of momentum and is signaling about underlying weakness there are two basic variations about this pattern the first one is a bearish reversal and it looks like this in an uptrend the price is making higher highs and higher lows but as the bull trend is losing steam the price has lost its momentum and struggles with pushing price significantly higher until the bearishness prevails and price finally breaks to the downside the second variation is a bearish continuation pattern it forms after a strong downtrend as the price of trace is higher as the main trend is still bearish there is no momentum behind the bullish moves and eventually the price breaks to the downside to resume the bear trend the price target for this formation should be the height of the wedge measured down from the breakout point

there must be two waves in the same direction that are related by a 0.618 ratio i.e.

The shorter wave must be 0.618 times the longer wave. For this, the Fibonacci expansion

tool is used.

Note: In this strategy we use candlestick bodies as well as peaks interchangeably when using

technical tools.

As with every strategy that we post here, please please and please do practice this in a demo account and be consistent in the demo using the strategy, dont just go on the rampgae saying I now know this strategy without making the actual money from trading. Make sure you practice the strategy before trading your real money.

Follow this and more on our blog and other sources of information. Wishing you great success in your trading journey.

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