Descending broadening wedge happens during a downtrend. which in case of breaking the Resistance of the wedge it can bring in a good setup for a long on the asset.
Price makes a low and rises. We then track price as it rises away from the low. We are looking for lower highs and lower lows in a tight range.
The lower highs make a falling trendline, this forms the upper boundary to our pattern. The lower lows make a lower falling trendline, this forms the lower boundary to our pattern.
With the Descending Broadening Wedge formation, we are looking for two touches to each trendline.
Both the upper and lower trendlines should fall. The lower trend line should fall more steeply than the upper trendline thus forming the broadening wedge.
Price makes a low and rises. We then track price as it rises away from the low. We are looking for lower highs and lower lows in a tight range.
The lower highs make a falling trendline, this forms the upper boundary to our pattern. The lower lows make a lower falling trendline, this forms the lower boundary to our pattern.
With the Descending Broadening Wedge formation, we are looking for two touches to each trendline.
Both the upper and lower trendlines should fall. The lower trend line should fall more steeply than the upper trendline thus forming the broadening wedge.
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and this is how it's done ...
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temporary support holding S&P
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VIRES IN NUMERIS
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🦦🎢👍🏻
Trend Breakout architect
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