NIFTY/SPX chart has hit the upper trendline of ASCENDING WEDGE this week. it had hit the upper trendline 2 TIMES and the lower trendline 3 TIMES till now and has reversed every time since 2020
we can clearly see that whenever the price has reversed from the LOWER TRENDLINE, NIFTY has started performing better than S&P500 and whenever price has reversed from the UPPER TRENDLINE S&P500 has started performing better than NIFTY
Now that the REVERSAL is imminent in the WEDGE pattern and global markets are VERY BEARISH, hence we can expect that the BEAR RALLY of indian market is over and it will become MORE BEARISH than the USA market from the next week onwards SP:SPX NSE:NIFTY Thanks a lot for reading...
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The price has BROKEN OUT of the pattern with confirmation instead of reversing hence the OUTPERFORMANCE of nifty compared to s&p500 will continue till the RATIO reaches TP level 5.20 which should take a few more weeks and after that nifty will start UNDERPERFORMING s&p500
Trade closed: target reached
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Target is reaching. Although it went up initially but it is closing in on the TP later on. it is a matter of time...
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I forgot to mention but the full credit of this analysis goes to this guy -
"Wise-Trader"
he is a great youtuber cum trader in indian stock market. i took the idea for this from him. Thanks a lot for your contribution. You could follow him here -
youtube.com/@WiseTrader2020
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I checked with his earlier recommendation regarding similar kind of trade as this one and found out that he did not give the exact trade as i did and only gave the rough idea and hence i can claim 50% credit of this trade easily