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Hello Traders,
As per Al Wedge is three-push move with each push extending further and the trend line and trend channel line at least minimally convergent, creating a rising or descending triangle with a wedge shape.
Please confirm if my understanding in chart below for Banknifty (it is index in India's National Stock Exchange) is correct.
Thanks in advance for your time.
Regards,
A
I agree with your reasoning - it can be referred to as a wedge. Also, depending on how you define parabolic, some may say it is a parabolic wedge since it is a tight channel where the pushes are only separated by a brief pause. Others would argue the slope is not increasing and wouldn't call it a parabolic wedge. Anyways, as long as you understand what the market is doing it doesn't really matter. You can always look at a smaller time frame to better see the wedge. The whole leg up could also be referred to as a third leg up in a larger wedge.
Appreciate your time and inputs Andreas. Tx
