Wedges Pattern in Nifty:: Indicating more corrective waves??
1. Post-COVID Nifty was in a long bull run with no corrective waves so far.
2. In the bull run, there was a rising wedge pattern with price zones getting narrower.
3. The recent corrective wave was the first major correction observed.
4. Corrective wave occurred once NIfty broke the lower support line of the Wedge.
5. Now a broadening falling wedge is in making & Nifty can possibly see a second corrective wave.
6. There is a resistance zone near 11600-650 levels. Hence correction might start once Nifty reach upto that levels.
Kindly let me know your thoughts.
2. In the bull run, there was a rising wedge pattern with price zones getting narrower.
3. The recent corrective wave was the first major correction observed.
4. Corrective wave occurred once NIfty broke the lower support line of the Wedge.
5. Now a broadening falling wedge is in making & Nifty can possibly see a second corrective wave.
6. There is a resistance zone near 11600-650 levels. Hence correction might start once Nifty reach upto that levels.
Kindly let me know your thoughts.