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Rising Wedge

Bank Nifty Daily Chart OverviewHello Traders, hope you all are doing amazing! Today I will be showing you the daily chart overview of BankNifty, so traders as you can see, on the 1D chart a huge rising wedge pattern has been made which has recently broken down to 35327. Now here, I won't say I can see a double bottom but yes, I can definitely see a "W" pattern which will probably hit the lower band of the rising wedge pattern and fall down again, because if I pull a Fibo retracement from up 41871 to down 35257, we can see the retesting of the trendline will happen at the 50% level of the fibo retracement which is another confirmation that bears are really strong now. Lastly, we can see that the 20D MA and 100D MA has crossed and moving downwards, which is another very good confirmation that bears are taking control over the bulls. Now, you may ask where is the market heading to? Well, as of now chances are really high for the market to fall till 34000-33970 which is the immediate support, but as we can also see a W pattern been made, if it is strong enough then bulls will pull it off because if we make another fibo retracement from 30436 to 41894 we can see that 36110 is the 50% level(though it crossed the 50% level, it really seems like bulls failed on their part). So traders, this is what I see on the charts, lemme know what you think. Please share your valuable thoughts and comments. P.s- this is my own analysis and not a buy or sell call, before taking any trade consult with your financial advisor. Rightly quoted by Warren Buffet, "You can't produce a baby in one month by getting nine women pregnant" So guys, trade accordingly, be focused, dedicated and most importantly be patient.
NSE:BANKNIFTY
by rituparna_paul
2
#BNB/USDT CHART !!!In 4hr time frame it is forming a rising wedge pattern and mostly this pattern breakouts in downward but wait for the breakout, if breakout happens in downward that it can go down and i have given support zones you can accumulate in parts and but if it breakout than you can buy at breakout in upward line..... And what breakout means that the pattern or channel in which price is moving from certain days which is going to breakout the pattern in either side if price breaks bottom line of pattern means breakdown(Bearish) and if price breaks top line of pattern it means breakout(Bullish)........
Short
by Mohitvani
ICICI BANK MAY HAVE A CORRECTION. RISING WEDGE PATTERNICICI bank's price has been forming a rising wedge pattern which has got broken today. According to the height of the pole and XABCD bullish shark pattern, the target is set at 647. The trade setup is to buy ICICI when it reaches 647 or short if there's a pullback to confirm the fall. The stoploss here is to place at C according to both the patterns, which is not a good risk-reward ratio. So, try to buy when the price falls to 647. Happy trading :) This is just for educational purposes.
NSE:ICICIBANK
by Sanjan91
Spotting A Crash With RSI and MACD in five stepsFollowing are common things one can spot on weekly chart which happen before fall/crash of 2008 and 2020, similar thing can be found in other indices and on all time frames in chart 1. Price will continue to make higher high RSI or MACD indicators will show trend exhaustion with lower high not breaking previous high 2. Series of Negative divergence is seen on chart, look for 3 or more (RSI is leading indicator will produce more divergences compared to MACD) 3. Look for Head and Shoulders or Rising wedge or double top pattern on chart at top of trend 4. Finally Divergence line is broken out upside signaling final move started, that's exit signal 1. 5. Rsi will break line again downside and MACD crosses below signal line, that's exit signal 2. DISCLAIMER:There is no guarantee of profits nor exceptions from losses. Technical analysis provided on the chart is solely the personal views of my research. You are advised to rely on your own judgments while taking any investing/Trading decisions. Past performance is not an indicator of future returns. Investment/trading is subject to market risks. Seek help of your financial advisors before investing/trading. Not recommended to take FnO positions based on this analysis
NSE:CNX500Education
by Niftydirection
2
Nifty- WaveTalks: E-Wave Pending ( Rising Wedge +Critical level)From the last idea- WaveTalks: Nifty-Can Bulls Bounce Back?- The Irregular Triangle Few Adjustments done. Wave- D has been changed to 17941 Highs as discussed over the last idea. ------------------------------------------------------------------------------- Since Morning @ 8th Oct2021 - How Index unfolded ------------------------------------------------------------------------------- It could be part of the corrective structure. D-Wave could be complex correction & possibly may end as Ending diagonal (Rising Wedge) in the last part (strictly valid only below 17950) --------------------------------------------- Why 17950- is Critical level??? --------------------------------------------- Irregular Triangle B-Wave High is 17948 crossing above that level structure invalidates & has to be reviewed again. -------------------------------------------------------------------------------- As discussed in the last idea suggested above for reference. 150 + Points in the session so far achieved -------------------------------------------------------------------------------- Selling below 17950 - dropped 100 points came to 17840-17850 zone Suggested Minor Support Zone 17840-17850 - If zone holds then bounce can be expected - got the bounce to 17930+ Keep in mind the critical level - 17950 & E- Wave Pending if 17950 is protected. Thanks
NSE:NIFTYShort
by WaveTalks
19
What are Falling and Rising Wedge Patterns?What Is the Wedge Pattern and Its Common Characteristics? 1. Wedge patterns have converging trend lines that come to an apex with a distinguishable upside or downside slant. a. Wedge with an upside slant is called a rising wedge b. Wedge with downside slant is called falling wedge 2. It has declining volumes as the pattern progresses 3. It breaks out from one of the trend lines Why We Should Pay Attention to Wedge Patterns? Some studies suggest that a wedge pattern will breakout towards a reversal rather than a continuation more often than two-thirds of the time. Therefore as the rule of thumb, people generally treat a falling wedge as a bullish pattern and a rising wedge as a bearish pattern , especially a falling wedge would be a more reliable reversal indicator than a rising wedge Since we know a wedge pattern has a higher probability to reverse and due to the fact that the price of wedge pattern converges to a smaller area, we can trade the reversal set up with a relatively close stop loss to its entry price, which provides us with a good trading opportunity with a decent Risk:Reward ratio. Examples of a Bullish Rising Wedge and Bearish Falling Wedge Sadly, there is nothing that works 100% in trading. Not every rising or falling wedge will reverse as one might expect. Every trader must properly manage their risk by setting stop losses and not just trading based on price patterns. Below are two examples. Bullish Rising Wedge ( ETHUSDT during 15/NOV/20 - 28/DEC/20) In the early stages of the epic 20-21 bull market, if traders blindly treat the rising wedge as a bearish signal and trade accordingly, they would pay a heavy price. Bearish Falling Wedge ( LTCUSD during 14/AUG/18 - 14/NOV/18) On the contrary, in the late stage of the 2018 bear market, any trader who blindly trades the falling wedge to bet on a reversal would also learn a hard lesson. Comment down your thoughts on Wedge Patterns in the comment section. Disclaimer: This is just an educational post. Never trade just any pattern. And please do your research before making any trades. Happy Trading!
Education
by Coinlog
4