Rising Wedge Pattern. The narrowing of the range suggests that the uptrend is getting weaker, hence this pattern is deemed a reversal pattern when it appears in an uptrend. The rising wedge is a bearish pattern that begins wide at the bottom and contracts as prices move higher and the trading range narrows.
The rising wedge pattern is a very common formation that appears in any market and timeframe. A falling wedge is different from the rising wedge because of the slant of the triangle. Similarly, the falling wedge pattern can be beneficial in predicting upcoming bullish trends in the market.