Nifty Falling Wedge Correction : Swing Analysis

2 thg 8, 2023

NIFTY

Nifty is Trading very choppy for the last few days as it's in a trend correction mode.
it is forming a falling wedge pattern.
Today it can touch the lower range of the wedge and bounce from there.

the breakout level will be above the swing high of 19800, and then 19690 will become a new swing if it plays according to the level marked on the charts.


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Happy trading.

3 thg 8, 2023

Ghi chú

Nifty Reached and breached the falling wedge formations support line, now we have 2 scenarios
1st is the price takes the support of the daily trendline and bounces back inside the wedge range.
2nd is that the price does not hold the trendline support and breaks below the 19420 -19390 Range. it will be a small trigger for the start of a new downtrend.