Nifty 50 has formed a descending broadening wedge and a complete Head and Shoulder formation on 15 min chart. Flat to negative (upto 70 points) opening expected. If index slips below neckline, lower level of 14222.25 (support) will be tested and a retracement possible upto 14280 if support is sustained. Chance of a breakout is probable in case the index crosses upper trendline of the wedge. Keep an eye on India VIX and wait for price action for first 30 minutes for any moves near the trendlines. Trade smartly.