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Al says here if 2nd attempt is also a wedge, get L6 sell signal.
So for example if the bull leg after the L2/L5 would go higher and make a wedge top, would this be the L6 sell signal Al talks about?
Yes. Consecutive wedges, that is 2 wedges where the first one failed to reverse the market are L6/H6s. Check out the encyclopedia and daily setups, you will get ample examples to understand this point.
Hi Jord,
The main idea is to see three pushes up which sometimes are not perfect but close enough. Something to be aware of is that sometimes the 3rd push ends up as a double top or a lower high. It may sill count as a wedge variation and cause traders to jump in to take the sell without waiting for another push higher.
Let me know if this helped or if you'd like to see more examples.
Sincerely,
CH
No its clear now Carpet, Thank you!
