|Broadening Descending Wedge|
Broadening Descending Wedge
Broadening Descending Wedge’s formation looks like a megaphone tilted down. Two down-sloping trendlines outline the price action. Both trendlines slope downward, with the lower trendline having a steeper slope. Thus, the two lines broaden out over time. Neither trendline is horizontal. The formation requires at least two distinct touches at each trendline.
Percent of successful formations – 81%
Average time to throwback completion – 2 hours
Compute the formation height by taking the difference between the highest high and the lowest low in the formation. Add the result to the breakout price to achieve the target price.