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Strategies & Market Trends : MP - Market Pulse

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To: JRI who wrote (438)	7/10/2001 9:38:10 AM
From: HairBall	Read Replies (1) of 1328

JRI: are you saying that the trend is now down, and it is not unusual for the wedge to break UP? or...what am I missing... If you are going to paraphrase what I said, get it right. A rising wedge’s normal break would be down. However, you should know by now patterns are not 100%. When patterns originating from a strong trend pivot are negated its often as a result of a trend change, but this is not a given. So if one is betting on the normal break, it is always wise to keep an eye on both of the controlling trend lines of a pattern. If it breaks to the norm and that was your bet, great. However, keeping an eye on the opposing controlling trend line for the less probable break is always wise. A negation of a reliable consolidation pattern is a signal of strength of the current move. JRI I don't understand your confusion. You have been asking me my opinion and reading my charts for some time now. I almost always state what I think will happen, but I also almost always recommend what to watch for if I am wrong. The wedge remains an important key. A penetration (not a clear break above) of the resistance line may turn out to be just an adjusting move. The market will let us know... Regards, LG

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