Rising wedges are very bearish and give reliable short sell signals. The rising wedge on friday broke down giving the sell signal which lived up to it's expectation today with a gap down open. The bulls were too beaten down to try to cover the gap.The previous swing low at 4944-4928 was broken easily. The target of 4623 seems achievable.
Daily Chart II
A falling wedge spotted ! They are the opposite of rising wedges and breakout on the upside. Seems like a dream at the moment.
follow me on twitter http://twitter.com/#!/lucksr
Happy Trading !!