Rising Wedge Pattern - Monthly Banknifty
Broad View ....
On Monthly Chart Rising Wedge Pattern is in process of Formation.
Recent Fall from top recovered and again started to rise, But it is continue run from
its bottom to top is One-sided rally & it may be the fifth wave as per Elliott count and can
touch All-time high with a new record high of 50000 psychological level where two lines of
the rising wedge will Meet or Converge and if Gives Breakdown then Lower Targets are Very Scary.
It's on the card & the possibility can’t be ruled out.
Short-term View.....
Rising Wedge Pattern is Reversal Pattern Formed on Daily Chart
Breakdown Triggered - on Daily Chart Follow-Up Candle Needed.
On Hourly time frame
Rising Wedge Pattern, Supported With Inside Candle .. And Rejection or Selling Pressure
seen @ 61.80 Fib Levels
If Pattern Works then we can’t rule out the possibility to touch the lower side of the wedge pattern,
recent low or lower than that, We can see as per Elliott Counts. Elliott Counts may Vary the form
Person to Person but we can't ignore Rising Wedge Pattern !! It's on a Card ......
The market will Prove in Coming Days
On Monthly Chart Rising Wedge Pattern is in process of Formation.
Recent Fall from top recovered and again started to rise, But it is continue run from
its bottom to top is One-sided rally & it may be the fifth wave as per Elliott count and can
touch All-time high with a new record high of 50000 psychological level where two lines of
the rising wedge will Meet or Converge and if Gives Breakdown then Lower Targets are Very Scary.
It's on the card & the possibility can’t be ruled out.
Short-term View.....
Rising Wedge Pattern is Reversal Pattern Formed on Daily Chart
Breakdown Triggered - on Daily Chart Follow-Up Candle Needed.
On Hourly time frame
Rising Wedge Pattern, Supported With Inside Candle .. And Rejection or Selling Pressure
seen @ 61.80 Fib Levels
If Pattern Works then we can’t rule out the possibility to touch the lower side of the wedge pattern,
recent low or lower than that, We can see as per Elliott Counts. Elliott Counts may Vary the form
Person to Person but we can't ignore Rising Wedge Pattern !! It's on a Card ......
The market will Prove in Coming Days
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