what is the name of this continuation pattern? Cause to me it looks like sort of a wedge.
sgor1980
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@NamantSatiya, this is a wedge pattern dear, a rising wedge pattern. And most probably, if i am not wrong, it looks to be a leading diagonal kind of rising wedge formation, as far as my knowledge on EWT is concerned.
NamantSatiya
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@sgor1980, exactly why i was asking,cause to me this is a rising wedge and will give a breakout on the downside.
@NamantSatiya, Rising wedge or any other pattern formation are called continuation pattern. It generally goes with the trend. If the trend is up then up and if it is down then downward breakout. In the above scenario, the trend is looking up and I believe it shall move up. In case, the price action goes below 91.50 then it is a trend changer and it shall further dip down. Regards
NamantSatiya
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@NeeteshJain, as far as i have seen a wedge is supposed to reverse the trend,so typically a rising wedge breaking on the downside and falling wedge breaking on the upside.
NeeteshJain
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@NamantSatiya, The rising wedge did come down, providing good opportunity to buy. Regards
NamantSatiya
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@NeeteshJain, Yes as expected,i would still be cautious to buy right now,i think we can see 86levels also.
NeeteshJain
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@NamantSatiya, Yes, it is a much saver option. Regards