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1. Regarding the fourth wedge, is that still a wedge with 4 pushes up (wedge= 3 pushes?) Looks maybe like a bull channel line
2. Regarding the fourth wedge, is that a good idea to sell a reversal down in a bull trend
1. Regarding the fourth wedge, is that still a wedge with 4 pushes up (wedge= 3 pushes?)
You can call it a wedge or a failed BO above a wedge, does not matter. With a failed BO above a wedge top, chances of the short working are better than just the wedge itself.
Looks maybe like a bull channel line
Bull channels are parallel lines, wedges are usually convergent. Both work better with an overshoot(failed BO above). While channels can be tight and a breakout below a channel can lead to a broader channel, wedges usually have a better chance of working and are good for at least a scalp(unless strong trend, then the best you get is a TR, for example small pullback trends).
Regarding the fourth wedge, is that a good idea to sell a reversal down in a bull trend
It is not a fourth wedge but a fourth push in the wedge(or a failed BO above a wedge). Like I said, in strong trends, wedges will usually lead to TR and not an opposite trend(even for a scalp). It might be a good idea to short given that the market is showing signs of TR price action or the bears have shown enough selling pressure to convince traders that it would be a good idea to short(in short, the context must make sense).
In general, it is not a good idea to take a trade for just one reason alone. Al has mentioned somewhere(can't recall where, maybe in his books) that traders should have at least 2 reasons to take a trade. If you are taking a trade based on just one reason, that reason might not be good enough.
