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the_consolidation_guy

Broadening Descending Wedge Setup?

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Nifty Bank Index (NSE:BANKNIFTY)  
the_consolidation_guy Atualizado   
NSE:BANKNIFTY   Nifty Bank Index
Trend Analysis Chart Patterns BANKNIFTY broadening Broadening Wedge
2
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trendanalysis chartpattern banknifty broadening broadeningwedge
Notes:
  • BankNifty seems to be forming a descending broadening pattern.
  • Statistically (Taking Thomas N Bulkowskis book as a reference) an upper breakout is preceded by a partial decline (as in this case) around 87% of the time.
  • Target in case of a breakout on the upper side would be the top of the pattern which is 35650.


Please note - Not a SEBI Registered Advisor/Analyst. Only for Educational Purposes. Please Consult your financial advisor before you take any action.

The book came highly recommended by a community member. Its really interesting if you have an interest towards statistics.
Trade ativo:
Looking good so far. Hoping to hit the target by the next few sessions.
Trade fechado manualmente:
Missed target by around 0.2%
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