T/A ETF AND INDEX

[JLS]

Cotton,

are you using New Math? 0.03% of what?

0.03% of 950 is: 0.0003 x 950 = 0.285

Your space between the solid line and the dashed line is much larger than that. Maybe you mean 0.3%

It isn't all that important, though. Your "wedge" (on a 60-min chart) seems to be built on a pole rising from 875 and ending at 940. So the pattern may be a variation of a pennant. And since your chart is Hourly, that pole is built on a consolidation pattern of several intervals duration, so it would be a Bullish pattern, not a Bearish pattern. A Bearish wedge would have to be entered from the top, not the bottom as your wedge is. At any rate, price broke out above the pennant today.

An alternative explanation (using a daily chart) is that price broke to the upside several days ago from a descending-converging pattern (take your pick from wedge, triangle, whatever, depending on how you choose to draw the lower line). Also consider that price moved up and over the 20dma without hesitation. Use standard measurement rules to determine the upside target price.