Description
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This is an updated chart of NIFTY 50 (with reference to my previous chart)
Upside gap two crows
[DAY 1] 16 April 2020: It was a bullish candle. (Continuing the bull trend)
[Day 2] 17 April 2020: Gap up opening but ended the day with a bearish hanging man pattern.
[Day 3] 20 April 2020: Opening was at 9390, i.e more than closing of day 2. It made a bearish engulfing pattern.
22 April & 23 April 2020: Gap was filled (I referred it as retracement in my previous post)
24 April 2020: Shooting star pattern
Price Action
Formation of rising wedge pattern
R1 & S1 are short term support & resistance. (Based on Fibonacci)
Conclusion
Trends look negative in the short term.