Inside technicals and chart patterns by 
While the Autochartist pattern alert will indicate a likelihood for continuation or reversal…in the end it’s the lines of the pattern that will dictate which to do. Reversals of an uptrending pattern like this come only when prices can break the support. If prices correct but do not break the support AND if the market cycle is still up THEN a swing buy is triggered.
Secondarily the 34ema Wave can be used to identify the support as prices may “wiggle” around the uptrend line as the New York doldrums lead into the Sydney then Tokyo open.
Hi Raghee
What are your thoughts on chart patterns using wicks vs. bodies. In this chart if you throw out the wicks, it looks more like an up channel, which seems to fit the profile from Tuesday’s low.
Simply put, there’s a high quality channel formed of 30 min closes over 100 Bars. Does that change the quality or clarity of the wedge drawn using wicks? And maybe more importantly if the channel is a stronger pattern, does the trade plan change? It is a fairly narrow channel at about 60 pips from lows to highs.