Nifty - Wedge Pattern formation in 1H

2022年3月2日

The last 30 min trading on Nifty50 was incredible, many retail traders went long thinking that bottom is in or price or trend has changed, but this looks like a retest of the ascending wedge pattern on 1H, also the Elliott Wave count shows that the down trend is still pending. During this volatility we can not anticipate what will happen today but following simple price action, and if we just look at it, it looks like the price should fall sharply from tomorrow and next 5 to 7 days will be red.

Will update this post will follow up on Falcon Waves as well.

Target 16200 for the wedge pattern fall, followed by some consolidation, and then price may continue to fall.

2022年3月4日

交易結束：目標達成

We achieved initial target of 16200, then market went up to touch 16400, and now again it is at 16200 levels. This will continue for few days. Next week again looks red.