If you observe the nifty chart there has been a strong descending triangle pattern on break of 8540 one might jump into shorts and carry on expecting more downside,but immediately the market bounced off from the lower and trend line making it as a Falling wedge pattern.Now if nifty closes above 8550 go long. The patterns dont fail they transform from one form to another
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Nifty has broken the down channel of falling wedge.We have to wait and see if nifty tries to test this broken trend line.