Nifty Broadening top ( with 2014 example) - waiting to breakout
A broadening top is in formation. After further consolidation price should breakout from the middle of the broadening top.
Upper and lower boundaries for broadening top are at 9005 and 8930 levels.
Expecting a rise..and then a fall to mid point of the broadening top and then the breakout after the election result.
Chart is similar to the formation in July to August 2014. Attached snapshot.
Upper and lower boundaries for broadening top are at 9005 and 8930 levels.
Expecting a rise..and then a fall to mid point of the broadening top and then the breakout after the election result.
Chart is similar to the formation in July to August 2014. Attached snapshot.
Trade closed: target reached
As anticipated , price broke out after the broadening pattern. Trading idea closed.
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