The ingredients are in place for an explosive U.S. stock-market rally, but recent price action leaves room for doubt about whether the bears have been vanquished, a closely followed Wall Street technical analyst argued Thursday.
A bearish wedge is marked by a contracting range of prices combined with a downward overall move in prices over time. A bullish wedge sees an upward move in prices over time. He identified the next resistance cluster after that in the 4,300 area, which marks the high from August and a 61.8% Fibonacci retracement of the bear market.
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