I have been posting about the bullish rising wedge pattern forming on the HUI and some of the bigger producers for some time now. We have been testing the bottom rail of the rising wedge pattern for a couple of weeks now. Its been tough going through the testing phase, never knowing for sure if we were going to break support. I have been waiting for a day like today, to move firmly away from that bottom rail and to show some strength in here. Today fits the bill.
I believe we have 2 patterns in play within the bullish rising wedge that is creating the bullish rising wedge. The 1st pattern was the small down channel or bull flag. The 2nd pattern is a triangle which we haven’t broke out of yet. These 2 patterns are creating a very bullish situation IMHO.
Daily look:
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The weekly look puts it all together for us with the wave 3 of III uptrend channel and our price objective of between 660 and 676 as a target for our current move. Watch for the breakout of the triangle first and then the top rail of th bullish rising wedge for conformation of the move.
All the best to you stevens…Rambus
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A few other bullish rising wedges to watch on some of the big producers.
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