1. Post-COVID Nifty was in a long bull run with no corrective waves so far. 2. In the bull run, there was a rising wedge pattern with price zones getting narrower. 3. The recent corrective wave was the first major correction observed. 4. Corrective wave occurred once NIfty broke the lower support line of the Wedge. 5. Now a broadening falling wedge is in making & Nifty can possibly see a second corrective wave. 6. There is a resistance zone near 11600-650 levels. Hence correction might start once Nifty reach upto that levels.
what happened? Your descending line got broken with gap up?
Kakerot
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any downside in post COVID world is a minor correction, US 0 interest rate and continued printing money will keep the market up and more for the next 2 year, I will only believe this pattern if it closes in red on Today on Monday itself otherwise we are at least going towards double top formation near 11800.
TVirus_97
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Likely. Right now, fundamentals are playing a major role. Every news is perceived as positive or negative and reacted upon