VEREIT (VER): Can You Guess the Pattern Personality?

SUMMARY

Here is the daily chart for Vereit (VER) and it's a wedges galore! The whole price action since its IPO has been a corrective one and the decline has been quite deep but well coordinated as triangle patterns. The key question is, what's next?

The overall correction is labeled as a complex sequence, WXYXZ (red) as shown in the below chart. Teh subwaves have been added to show that the higher degree of trend labels do qualify. The current downward wedge looks to be nearly complete; though a bit more proximal to the apex would be more ideal. The price expectation is a breakout toward the upside as shown by the blue arrow. It should move in an impulse manner but then, the upside pattern could also be an upward wedge; given the personality.

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