Attached: Sensex Daily Chart as of 19th June 2023
The Ending Diagonal is more evident and clean in BSE Sensex rather than NSE Nifty 50 (although you can observe in Nifty as well), which is why I have chosen to share the Sensex Chart
Observe:
- A well defined trend line with multiple touch points
- Presence of a Bearish RSI Divergence
- Daily MACD already in Sell mode
All that is needed is break of Today's Low and a Close below it (which would also give the Trend Line breakdown simultaneously) and then that would activate the Ending Diagonal/ Rising Wedge Breakdown
The First Downside Target for this pattern would be point b which comes to 62380🎯📉
The Ending Diagonal is more evident and clean in BSE Sensex rather than NSE Nifty 50 (although you can observe in Nifty as well), which is why I have chosen to share the Sensex Chart
Observe:
- A well defined trend line with multiple touch points
- Presence of a Bearish RSI Divergence
- Daily MACD already in Sell mode
All that is needed is break of Today's Low and a Close below it (which would also give the Trend Line breakdown simultaneously) and then that would activate the Ending Diagonal/ Rising Wedge Breakdown
The First Downside Target for this pattern would be point b which comes to 62380🎯📉
Trade active:
Price has closed below PDL and the Trend Line, so Short Active now!
Trade closed manually
