Wednesday, August 27, 2008

Falling wedge formation

Doing this for a friend who asked me what is the meaning of falling wedge formation.

It's true...there is a falling wedge formation, awaiting confirmation. If it breaks green line (esp with heavy volume), then bullish confirmation is confirmed. This means there is more upside. I think this is quite likely. It's possible to reach up to 3010. If it breaks red line, then bullish signal becomes very very bearish sign. I think it's unlikely, but if it happens, then we might see 2400 level.