On A Daily TIme frame , BankNifty has broken Rising Wedge pattern
When Price Action is considered, Dynamic Resistance still needs to be broken at 21023 if we consider bull to come back but not before 21356.
Multiple touch of upper trendline that makes dynamic resistance .
Upper trend line was respected for almost 5 months.
Looking further you will observe that lower trend line was broken with high volume as wedge becomes more and more contracted.
what more to come ?
What happens below 18644 for
BANKNIFTY
?
Well more panic but that is still far away
What do you think ?
Also chart is also seeing some major elliot waves , keep an eye on those also
When Price Action is considered, Dynamic Resistance still needs to be broken at 21023 if we consider bull to come back but not before 21356.
Multiple touch of upper trendline that makes dynamic resistance .
Upper trend line was respected for almost 5 months.
Looking further you will observe that lower trend line was broken with high volume as wedge becomes more and more contracted.
what more to come ?
- No Bull Above 21356
- If we consider current scenario 18644 is still expected , untill we see gap
What happens below 18644 for
BANKNIFTY
? Well more panic but that is still far away
What do you think ?
Also chart is also seeing some major elliot waves , keep an eye on those also
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