CWTR Trade Idea (Long)

This is one for the watchlist...

 Edwards and McGee have to update the bullish descending (and bearish ascending ) wedge patterns, according to nearly a century of technical analysis, wedges are supposed to reverse on a breakout of the wedge as they near their apex, but for at least 2 years we have been seeing this pattern 90+% of the time, we either see an initial false breakout from the wedge and then it goes on to form a lateral base or just quietly exits the wedge and travels laterally building a base.

 Here's a closer view as CWTR exited the wedge, keep in mind this is a speculative play at $1.20, but that's also a fairly long base that could support a nice trend up.

 Here's the daily chart as the base has come together.

And the hourly chart showing larger positive divergences and only small divergences to send CWTR back to the accumulation area.

I'd prefer buying this on a pullback after yesterday's 13%+ move, right now it's holding up around the resistance level which it broke out of yesterday, that may be the best we get, but you don't have to take every trade, if it doesn't offer a decent pullback there will be others.

You could also consider buying CWTR on a move above yesterday's highs, but you'd need a real time alert system and be able to place the order quickly.