Bravetotrade

Nifty: The Rising Wedge Pullback

Short
NSE:NIFTY   Nifty 50 Index
Notes on the chart.
Enjoy the weekend.
Regards
Comment:
Comment: The wedge broke with a gap and is sliding down. Its oversold in the current situation, we might see some recovery in the afternoon if the marked level is breached.
But strategy would be the same, sell the pullups. Targets intact.
Comment: The wedge target is done @11455
Comment: What I see on the lower tf is a cypher pattern completion near today's low.

Which means if we recover from this point, possible targets could be 11494 and 11515-535 zone. Any weakness in these areas would attract fresh shorts.

If in the morning we Dive down from today's low, target will be 11300 zone.

All the best for this tough week.
Comment: Exactly 50 points away from our target.
Till then I ll sell on rallies.
Comment: Quite fast journey from 11580 till 11300.
Enjoy.
Trade closed: target reached: 11305..consider it a hit.

Comments

do we play for the second target or wait for new set up?
Reply
Good one.. Last leg down did 50% I suppose
Reply
Bravetotrade Parasuram
@Parasuram, Thanks. As I mentioned, sell the pullbacks.
Reply
Even I felt the same but How can we know that NIfty doesn't continue to trend higher above 11760?
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Bravetotrade Lucifer759
@Lucifer759, let it give rejection at the level and/or a break if wedge pattern.
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Lucifer759 Bravetotrade
@Bravetotrade, so an hourly close below 11540 will be enough?
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Bravetotrade Lucifer759
@Lucifer759, rejection in the 640-660 zone is more preferable.
Break and close below the wedge line on hourly is also good for short trades.
Reply
Lucifer759 Bravetotrade
@Bravetotrade, Nice. thanks
Reply
Bravetotrade Lucifer759
@Lucifer759, typo *620-640.
Reply
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