Wedges are chart patterns that sign a continuation in the market trend formed before the wedge. Wedges are quite similar to the triangle formations (simetrical triangle, ascending triangle and descending triangle) and it is formed along with 2 trendlines which are a support and a resistance. This chart pattern is basically a long-term pattern and it lasts up to 3 to 6 months but it can be seen in shorter time frames (in lower time frames is less reliable). In this case the trader can foresee those converging trendlines which remains slant in position.
The trendline remains upward or either in downward direction. This remains quite distinct from the uniform trendlines occurring in the triangles. Unlike triangles formations, in wedges formations the bands or lines among which the price fluctuates point in the same direction.