SLW: Broken Rising Wedge

(Click On Chart to Enlarge, then click on them again for further enlargement. Use back arrow to return to narrative).

The Bears put some points on the scoreboard yesterday:

1. They took SLW back below the Symmetrical Triangle breakout

2. They took out the 45.20 low of Thursday's "knucle-biting" candlestick, when SLW closed back inside the Symmtrical Triangle after having broken out of it to the upside.

3. They broke the Rising Trendline (Blue #2-#4) on a print of 44.44 and CLOSED the stock below it, at 44.11.

4. They did it on a Bearish Engulfing pattern that reversed the prior four sessions' closes.

5. They did it with more volume than The Bulls produced on the upside technical breakout.



From yesterday morning:

"The Bear case is that this is a Rising Wedge, or what E-Waves call "an ending diagonal.

It's very deceptive because from Purple Data Point #1, SLW has made "a higher high and a higher low," which we're all taught is a "good thang," but it ends up not being a "good thang" at all if/when Purple Trendline #1 - #3 gets broken to the downside."

The Bears "had game" yesterday in executing their case for The Rising Wedge. Bulls will want to scramble to regain the bottom of the wedge, which comes in today, April 12, at 48.811.