Rising wedge in BankNifty weekly/monthly chart

Movement in BankNifty in last few weeks seems like it’s on steroids. Every minor dip is bought into. However, on a longer timeframe, a rising wedge can be clearly seen. And spot is almost at the upper end of the channel. Expecting some retracement or consolidation around 48000-48500 levels. A dash towards break out zone is definitely possible. Incremental long may be avoided unless a solid green candle closes above the channel on weekly basis.

Trade active:

BN respected the rising wedge and fell sharply. It's always good to catch up with short term moving averages before another leg up. Expecting move towards 46900 and then to 46500/600 (20 DEMA) unless 48000 is reclaimed.