Clicky

MDM descending broadening wedge

this pattern can break either way so targets are listed on the daily chart for a pattern resolution in either direction (long on an upside break of the pattern, short on a break down of the pattern).  note that i did add an alternative (shaded) lower trendline to the pattern.  however, prices currently sit at the very top of the wedge and therefore, i am currently watching for a potential upside breakout of the pattern.  the weekly chart below shows the pattern well.

0
2012-05-10T16:44:23+00:00Feb 6, 2012 9:37am|Categories: Completed Trades - Long|Tags: |Comments Off on MDM descending broadening wedge