All the things I want to say is mentioned in the chart, please read it carefully.
Besides that,
Reason to this fall :
1.MARKET HAVE A STRONG SUPPORT IN THE MID RANGE OF 26500-26600.
So we can expect fall up to that.
And as per logical TARGET FOR A #RISINGWEDGE PATTERN is 2L , which is exactly DOUBLE of length L mentioned on chart. [SAME PATTERN IS FORMING IN NIFTY AS WELL]
2. RSI is showing above 70, which is signal for reversal.
3. MARKET and RSI are both moving towards different direction of each other and RSI DIVERGENCE created. DISCLAIMER:
This is my personal view and I have booked my profit in finance sector TODAY.
DONT TAKE DISCISION BASED ON MY IDEA, KINDLYTAKE A ADVICE FROM YOUR FINANCIAL ADVISOR.
I have also publish BULLISH idea on NIFTY as well as NIFTY BANK month ago in OCTOBER. According to that , Hope You might have enjoy NOVEMBER MONTH well.😊 You can visit my IDEAS Section for more analysis.
This is only TEMPORARY CORRECTION in the market , which will run for DECEMBER AND JANUARY. You can see MARKET TURN-AROUND AT 26500-26600 ,(act as AS A SUPPORT) , which we will see around JANUARY END.
@CoolMSD, No, It will come down maximum up to 26500-26600, after that it will reverse. There is strong support in this range , you can verify it through back testing and previous year data.