Weekly falling wedge is nearing completion.

12 May 2018

Hi traders,

Today I want to share an interesting pattern with you. Looking at the weekly chart a falling wedge has been (near) completion.
Falling wedges are classified as reversal patterns. Please click this link for a reference: d.stockcharts.com/school/data/media/chart_school/chart_analysis/chart_patterns/fallingwedge-fcx.png

The dip we are going through would be the support test or pullback. The support line of the wedge lines up with the weekly EMA at about 7.8 - 8k.
If completed price could move significantly higher.
Breaking through lower than 7k would invalidate this pattern.

Please keep in mind that this is a scenario and that a invalidation of this pattern is always possible.

Greetings and goodluck,
Vincent

12 May 2018

Not

Here is where my head is at. So a support test of the wedge would be required. If that would play out I think we should be able to get a rocket launch from the 7.4k range.

8 Haz 2018

Not

Wow it seems we actually bounced of the wedge. Curious to see how this is further going to play out.