I have a standing challenge for folk who believe the news drives the market. If you want the TRUTH about the news then you show me ANY two year daily stock chart and plot the news (both good and bad) on that chart and what you will see when you're all done is that the news does not do much at all and in cases where it appears to prompt a rally, there are always technical analysis clues well in advance of the news would have told you which way the price would go in. So far, no one has taken up the challenge. But, I have shown a few 6 month charts with all bullish news where the stock was in a strong down trend for the full six months. So, go figure! The only thing that drives a stock price is aggressive buying or selling activity. I have seen a lot of aggressive selling following a bullish quarterly report so, that's aught to pretty much tell you that the news is only propaganda in most cases.
Don't fool around with the wedge. It can cost you!
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