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Strategies & Market Trends : Ask DrBob

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To: Drbob512 who started this subject	10/1/2000 1:37:49 AM
From: TraderMERL	Read Replies (1) of 100058

Chart Pattern of the Day: Rising Wedges 1. Wide at open, narrow at close 2. Can be reversal or continuation pattern 3. If continuation the entire existing trend maybe contained in the Wedge 4. Time span is 4-6 months 5. Involves reaction highs that are successively higher and lows that are successively higher 6. Support and resistance lines converge 7. Bounce off support line to new resistance highs occurs with less and less conviction 8. Volume and momentum decline closer and closer to apex of triangle 9. Final break of triangle occurs on High volume 10. Broken support often becomes new resistance 11. Maybe good to wait for break of support low prior to latest to confirm wedge 12. Price may retest new resistance level before continuing to drop 13. Money flow should decrease as break point approached COmments or feedback appreciated

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