NeeteshJain

KotakBank - Forming a LEADING DIAGONAL TRIANGLE pattern

NSE:KOTAKBANK   KOTAK MAHINDRA BAN INR5
It is interesting to watch the price action forming a leading triangle as it can represent a new Wave 1 after a all time high breakout. This chart pattern is generally known as continuation trend pattern and subdivides wave structure in 3-3-3-3-3-3 that indicates consolidation between buyers and seller to move prices.

The breakout from here on will define trend and keeping it on my watchlst for tomorrow.
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Probability for down break looks more...lets see on confirmation.
+1 Reply
NeeteshJain PRO NileshThete
Yes, it may come down from current levels but looking at the previous all time high breakout, it is also valid to say that this may breakup higher and continue it up ward rally.
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