Generally we see these patterns at the bottom or top of a rally. The market has to be in a prevailing trend for the last many waves. The wedge patterns suggest slow and gradual loss of momentum in the prevailing trend. This is a potential signal that a reversal is on the cards. Wedge formation can also be associated with decreasing volume, which act as another confirmation. A trading opportunity can be seen at the breakdown of uptrendline in a bearish wedge and the breakout of downtrendline in a bullish wedge. A higher volume can be expected at the breaks. Wedges are not only fruitful in higher timeframes but also on intraday timeframes, especially in high volume instruments.
I hope this would have added knowledge to some of the learners. Regards jjsingh