Beauty is in the eye of the beholder they say... so it is with PXJ at the moment. I see an ascending wedge but also an ascending triangle. One is bearish while the other is bullish. Both are decently high-probability setups. Ok, so they're not drawn textbook style but there're reasons why I've ignored certain bars. So someone else could probably see something different too.
I think playing the bullish card is the better option since the uptrend is still robust. Even if the ascending wedge pattern holds, I'm willing to bet that the breakdown will not reach the downside target implied by the wedge.
I think playing the bullish card is the better option since the uptrend is still robust. Even if the ascending wedge pattern holds, I'm willing to bet that the breakdown will not reach the downside target implied by the wedge.