1. A descending triangle (orange)…
2. Breaking out of a rising wedge (yellow)…
3. Breaking out of an even larger wedge …
4. That formed a triple top.
5. The largest rising wedge (red) formed a bearish divergence on the RSI .
6. The MACD just flipped bearish .
Yes, of course, this might not play out. I guess we’ll have to see.
Leave your thoughts down below 🙂 Thanks for reading!
The (red) rising wedge can also be drawn as a rising channel .
In that case, only the (yellow) rising wedge will break out and we might stop at the bottom of the channel.
Be prepared to take profit in the 3100s area.