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Strategies & Market Trends : Classic TA Workplace
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To: AllansAlias who wrote (12418)9/7/2001 9:55:53 AM
From: bcrafty  Read Replies (1) of 209892
 
From my understanding the falling wedge pattern

is bullish, not bearish. If you look at Raptor's commentary on the 15 minute chart he mentions "the falling wedge in blue which tends to be bullish." Although a break of the lower line is bearish, the pattern by itself is bullish.

From chartpatterns.com: "A falling wedge is generally considered bullish and is usually found in uptrends. But still they can be found in downtrends as well The implication however is still generally bullish. The pattern is marked by a series of lower tops and lower bottoms."

But as you know, all TA deals with probabilities not certainties.Fundamental events and"wild cards" such as today's unemployment number will always have the effect they do on the market regardless of TA. Regardless of the wedge pattern on yesterdays 15 minute and hourly charts, things don't look good for the naz for the next few months.

In any event, hope you have a good one today.
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