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Yes, you are correct. I was unaware of the distinction until now -
thanks!
So you must be looking at the price action since the mini-crash
(10/28), correct? Using that timeframe, I think I see a very thin,
steeply rising wedge (It is under the last "zig" on my chart). In my
response, I was refering to the bigger pattern forming since the
beginning of August.
FWIW, here's how Martin Pring describes Wedges:
"A wedge is very similar to a triangle in that two converging lines
can be constructed from a series of peaks and troughs but whereas a
triangle consists of one rising and one falling line, or one
horizontal line, the converging lines in a wedge both move in the
_same_ direction. A falling wedge represents a temporary interruption
of a rising trend, and a rising wedge is a temporary interruption of a
falling trend. It is normal for volume to contract during the
formation of both types of wedge. Since wedges can take anywhere from
2 to 8 weeks to complete, they sometimes occur on weekly charts but
are too brief to appear on monthly charts.
Rising wedges are fairly common as bear market rallies [sic].
Following their completion, prices usually break very sharply,
especially if volume picks up noticeably on the downside." p.83
"Technical Analysis Explained"
For the record, I remain skeptical of these types of formations
especially without confirming volume.
Chip
http://coolhistory.com/ChipsCharts
---"Dr C. Roffey" <roffey@xxxxxxxxxxxxxx> wrote:
>
> A rising wedge is certainly NOT a continuation pattern. It is the most
> vicious of all reversal patterns. You are confusing the rising wedge
with a
> rising triangle. The normal rising wedge wipes out at least the
whole of
> the wedge gains in about one third of the time taken to form the
wedge.
>
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