I charted the previous rising wedge (White lines) from March to show how there was a 15% correction the wedge top until it found support at 12397.
Now here we are with our current rising wedge (Yellow lines). If you calculate from our 15,400 high a 15% correction you'll come up with some support around 13,000 which would be my target once wedge support is broke .. But first we have to break wedge support at around 14,212.. As you can see that not only is there wedge support there but it also shows some strong horizontal support.
Let's see what happens.
Now here we are with our current rising wedge (Yellow lines). If you calculate from our 15,400 high a 15% correction you'll come up with some support around 13,000 which would be my target once wedge support is broke .. But first we have to break wedge support at around 14,212.. As you can see that not only is there wedge support there but it also shows some strong horizontal support.
Let's see what happens.
