Wedge

Wedge examples ^

^ @haejin
Blogs for my own knowledgebase and educational purposes only

Downtrend

IF a breakout occurs, then the wedge could serve as the wave 2 and no travel towards the 0.786 Fib level would be required.

The wedge would still deliver a 0.5 Fib level retracement which is a common retracement zone.

https://steemit.com/bitcoin/@haejin/bitcoin-btc-evening-update-path-to-higher-highs

https://steemit.com/bitcoin/@haejin/bitcoin-btc-morning-update-shallow-retrace-can-be-bullish

https://steemit.com/bitcoin/@haejin/bitcoin-btc-mid-day-update-just-beautiful

Uptrend

On the short term, the upward pointing wedge could be signaling a minor correction; perhaps back towards the white trend line.

What really shouldn't happen is that price reenter below the white line because then we've got a different scenario. Nothing to get nervous about; only to be aware!