June 15, 2015

Nifty Broadening Ascending wedge an update

  • The ascending wedge was discussed long back. Since price has broken the support line i wanted to share the possible target on the downside. Bullowski in his pattern site has discussed in detail about this formation. The target shown above is based on his research.
  • Death cross is there, 
  • Bulls are seeing some reversal possibilities or dead cat bounce possibilities i should say which are shown in chart 3 and 4 As long as price stays below 200 SMA its dead cat. Above analysis without today's price action.

1 comment:

  1. Dear San,

    if we draw trend line connecting 5119 and 5933 on log scale , we have already broken it.i agree that we are over sold and we may see a bounce from here.

    Pankaj Shah