DAILY CHART
NIFTY HOUR
- Descending broadening wedge patterns usually breaks towards the side were it gave an initial break out. In this case it is down. This is what the rules of the pattern says. But all rules have a certain percentage of failures in stock market.
- The daily chart descending channel is still valid.
- The hourly chart descending channel is violated. A reversal attempt for the 2nd time is going on. How long this will last?. Only time will tell.
- Last high that we made in hour time frame is 5030 so this should be crossed for the short term trend to change.
thank you
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