NEOUSD Filling The Wedge Breaking Triangle Support

21 May 2018

On the chart you have 2 patterns one inside the other. The symmetrical triangle and the falling wedge. A falling wedge is a bullish bias. With a symmetrical, price can break either direction up or down from resistance or support. Notice price very near the apex of the symmetrical triangle within the wedge pattern at the brown arrow. Price is ready to break triangle support within the wedge. Until price breaks resistance of the wedge, price will continue to fill the wedge until ready for the break out and above resistance. This is quite a large wedge pattern. The eventual break out could be substantial but not always. On the down look for 51.24, 44.47, 33.02 and nEOS possible all time low of 13.19 which still puts price clearly within the wedge. Remember also that patterns do not always hold. Prices can also break pattern rules. They do not always follow the text book definition for pattern formation. Just be aware of that.