Nifty : Descending-Broadening Wedge Pattern , What Next ?
Edit : Sorry about Line spacing, Don't know why there is too much space, checking with admins.
This pattern brings up numerous questions about Nifty.
Will Nifty raise till 8279 ?
Will it break the wedge & move-up on breakout ?
Will it retest upper trendline and return to retest lower wedge trendline ?
For all these question its not right time to answer, only guess can be based on experience, which wont help much to figure out where to enter & where to exit.
This Wedge pattern can breakout upside if Nifty goes on to 8279 and I will be entering long on pullback only not during breakout itself. ( Am conservative trader,not aggressive)
If Nifty retests 8280's-8300's gives us triple-top I will short the market. For these to happen Nifty needs to break the resistance zone 8150's-8170's.
If anyone wants to go long do only in 15min or 5 mins (take small trades only) based on your plan and entry rules bcos I won't suggest long here to ride till 8280's in Hourly timeframe.
Happy Trading !
This pattern brings up numerous questions about Nifty.
Will Nifty raise till 8279 ?
Will it break the wedge & move-up on breakout ?
Will it retest upper trendline and return to retest lower wedge trendline ?
For all these question its not right time to answer, only guess can be based on experience, which wont help much to figure out where to enter & where to exit.
This Wedge pattern can breakout upside if Nifty goes on to 8279 and I will be entering long on pullback only not during breakout itself. ( Am conservative trader,not aggressive)
If Nifty retests 8280's-8300's gives us triple-top I will short the market. For these to happen Nifty needs to break the resistance zone 8150's-8170's.
If anyone wants to go long do only in 15min or 5 mins (take small trades only) based on your plan and entry rules bcos I won't suggest long here to ride till 8280's in Hourly timeframe.
Happy Trading !
Comment:
Nifty Gap Up bcos of approval of 7th pay commission by cabinet which increases spending-consumption cycle which in-turn good for economy. But when the whole globe is on fire, we are cool. Indian economy always awesome but for how long ?
We are retesting our upper trendline of wedge pattern, we have marked our zones yesterday & Price in same zone. An important level to watch out, Breakout or False breakout or retest of lower trendline ? We will find out soon...
We are retesting our upper trendline of wedge pattern, we have marked our zones yesterday & Price in same zone. An important level to watch out, Breakout or False breakout or retest of lower trendline ? We will find out soon...
Comment:
Though I am long on other stocks, I have no positions in Nifty. I will enter long on Nifty pullback only, if pullback never happens, I wont cry over that.Never.For Aggressive traders who initiated positions - All the best !
Comment:
As Nifty broke above recent highs, this rally is filled with gap-ups which makes Me think - Are we in for another correction ? I am not sure at this moment but in my opinion, Nifty may retest upper wedge trendline and continue to be bullish ( if GST passed, Monsoon are good - All goes fine scenario ) we may see highs 8700's.
If Nifty decides to fill in gap's another retest of 8000 possible. Refering to quick pullback correction only.
If Nifty decides to fill in gap's another retest of 8000 possible. Refering to quick pullback correction only.
Comment:
If Nifty retests 8290's will initiate long positions after confirmation
Trade active:
Initiated Fresh Long Positions during the pullback below 8300's ; Entered certain % of positions - waiting to average in Nifty.
Comment:
Part - II continuation of this post here :
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