Market Update - Declining Wedge Still in Effect
As I covered in a market update video earlier this week - the market is still trying to figure out the declining wedge pattern it's in right now. You can see this here: It's tried to break above it the past three market days, but seems to be struggling to find a catalyst. With many traders taking this week off I'd say next Monday could give a sign.
Just so the super techies know I'm not a dolt - this isn't "technically" a declining wedge pattern. Rather it would be called just a "wedge" by stock traders. The point though, is that with a wedge pattern that is nearing its point - a new trend is likely to emerge soon.
It could be a new uptrend - or it could be the start of a new downtrend. Time should tell fairly soon.
Until then - I hope everyone continues to enjoy the holiday weekend. I'll be back online with some updates next week.