Nifty has closed below its 5 day low ema decisively for the first time after the up trend began from 5500 levels. The last time it closed below its 5 day low ema was around 5400 levels.
An ascending broadening wedge or an ascending megaphone is possible. A broadening top is also possible. Both these patterns may give support for nifty in the short term. Breaking the support line of these patterns will be negative.
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"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis." —Jesse Livermore