Cup and Handle Rising Wedge
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I own this in my IRA and just placed a stop due to the rising wedge that is forming. I like to keep the securities in my IRA long term so as a rule I do not place stops unless I see I am possibly in trouble.
Rising wedges can be bearish if the bottom trendline is broken. They occur due to lack of healthy pull backs and interrupt supply and demand. The trendlines both slope up and converge at the apex. This is a long term pattern, but a terminal pattern after bottom trendline is broken.
Cup and handle targets are calculated using the cup high (125.56) minus the cup low (109.11) then taking this number, applying fib levels, and adding it to the cup break out of 125.89. I usually add 10 cents or so to the cup high to assure price gets above the resistance of the cup high. On this security, the reason the long entry level is 125.89, is due to the prior cup that never reached long entry level. So it is really break out level for the 1st cup, but obviously there is resistance at that level. WM fell quite a ways from the first rising wedge (RW) and I am hoping it does not fall as far if the trendline is broken.
I use the .382, .618 and .786 fib levels to calculate targets 1. Everyone does this differently.
Not a recommendation. Long after fall from rising wedge is complete and security has recovered. The handle low may provide support. Mid cup can also provide support. Take the cup high and subtract the cup low, then divide by 2. (o:
Tradeview has this one as a strong buy, so maybe I am seeing things (o: Sometimes we see things that are not there, and sometimes we see what we want to see. But I did not want to see that rising wedge (o: I think it will be a great buy, just not sure about now is all.
Rising wedges can be bearish if the bottom trendline is broken. They occur due to lack of healthy pull backs and interrupt supply and demand. The trendlines both slope up and converge at the apex. This is a long term pattern, but a terminal pattern after bottom trendline is broken.
Cup and handle targets are calculated using the cup high (125.56) minus the cup low (109.11) then taking this number, applying fib levels, and adding it to the cup break out of 125.89. I usually add 10 cents or so to the cup high to assure price gets above the resistance of the cup high. On this security, the reason the long entry level is 125.89, is due to the prior cup that never reached long entry level. So it is really break out level for the 1st cup, but obviously there is resistance at that level. WM fell quite a ways from the first rising wedge (RW) and I am hoping it does not fall as far if the trendline is broken.
I use the .382, .618 and .786 fib levels to calculate targets 1. Everyone does this differently.
Not a recommendation. Long after fall from rising wedge is complete and security has recovered. The handle low may provide support. Mid cup can also provide support. Take the cup high and subtract the cup low, then divide by 2. (o:
Tradeview has this one as a strong buy, so maybe I am seeing things (o: Sometimes we see things that are not there, and sometimes we see what we want to see. But I did not want to see that rising wedge (o: I think it will be a great buy, just not sure about now is all.
ノート
Rising wedges can be long term patterns. It is a good idea to know the rising wedge is there and place a stop in case of a break of the bottom trendline.
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