prakashgp

Nifty analysis - Two important patterns developing

NSE:NIFTY   Nifty 50 Index
On bigger picture nifty is getting rejected at upper resistance trendline of a big multi month rising wedge .
It is also in another channel on smaller time frame.
Nifty might take support from small channel then if nifty should continue bull trend or uptrend, then it should close above both upper trendlines and possibly a successful retest
A breakdown below smaller channel would result in medium term downtrend which can extend up to lower trendline of outer rising wedge

Caution
The day when it (1) opened at all time high it (2) started falling sharply with (3) Days High = Days Open, and (4) following day was also a red candle.
These 4 points can indicate high probability for start of new downtrend. So stay catious until we start to see strength.
Comment: Caution
The day when it (1) opened at all time high it (2) started falling sharply with (3) Days High = Days Open, and (4) following day was also a red candle.
These 4 points can indicate high probability for start of new downtrend. So stay catious until we start to see strength.
Comment: My doubt became reality. Nifty fell badly now broke out of small pattern.