For those investors that would like to score on defense, a unique short-term opportunity is at hand.
Support dating all the way back to the lows of 2009 was broken and is now being tested as resistance, along with two other key resistance lines, that all meet at the same price point, plus an unfilled gap!
click chart to enlarge
Gap fill takes place at 1,808. This trade will either score big or die quickly! Low risk (2% loss) with large potential if resistance holds!
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One third of the time, wedges break the other direction.
This is what makes them so fun to use, you can buy them at the end of the pattern with a tight stop loss. Ok to be wrong, not ok to stay wrong. Love tight situations like what this one was!
Nasdaq broke above resistance and has had a nice rally since.
Chris, why did this pattern fail?
thank you