Nifty 50 IndexShort
#Nifty50: A Warning Shot Fired Over The Bow?
My idea of a bearish rising wedge on the #Nifty50 Weekly chart was published here on 27 Aug '23 already, and with a vicious textbook overthrow on top of that wedge which seems to be completing now, it might be time for the action to start that usually starts after the completion of a wedge. This bigger pattern also sports a bearish divergence with certain technical indicators.
Bigger moves also begin with a smaller move, and here on the 120 min chart we also have a bearish rising wedge, a very reliable pattern, which I first detailed on this time frame on Twitter on 4 Mar '24. It seems this wedge has now completed an overthrow and today it fell out of the wedge's bottom.
If the theory of the wedge comes to fruition and the 21200 level is reached, it might in my view very well be the start of the bigger wedge playing out as well, a move which will certainly not end up a pretty sight.
Bigger moves also begin with a smaller move, and here on the 120 min chart we also have a bearish rising wedge, a very reliable pattern, which I first detailed on this time frame on Twitter on 4 Mar '24. It seems this wedge has now completed an overthrow and today it fell out of the wedge's bottom.
If the theory of the wedge comes to fruition and the 21200 level is reached, it might in my view very well be the start of the bigger wedge playing out as well, a move which will certainly not end up a pretty sight.
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