RISING WEDGE

RISING WEDGE is a bearish pattern, wide at the bottom and narrower as prices move higher. The price action forms a cone sloping up as the reaction of highs and lows converge, there is no definitive slope and no bias. If the support is broken then we have a pattern. The rising wedge slopes up with the prevailing trend. 

Step 1-Prior Trend: The rising wedge  forms after an extended advance. 

Step 2-Upper Resistance Line: At least two highs to form the upper resistance line. The later high is higher than the former high.

Step 3-Lower Support Line: At least two lows to create the lower support line, the later low is higher than the former low.

Step 4-Contraction: The upper resistance line and lower support line make a cone.

Step 5-Support Break: Support break: The support line is broken to confirm the pattern.