Nifty : Descending Broadening Wedge : Part - II

NSE:NIFTY   Nifty 50 Index
Hey Guys,

In Part - I of Nifty             trade Idea I have told, I will wait for pullback.As expected market made pullback to our expected levels and we have few gaps below 8290's which I expect to be filled soon. So, being conservative trader I am initiating longs around 8290's-8300's only part of my positions. So that if market moves down I will average, thats why marked the gap up with question mark.

The redline drawn was trendline from higher timeframe which is broken now , probably we may get small retest of the redline around 8420's to 8450's.Lets see what happens. Part-I is mentioned in related links. This is how you should stay consistent in your trade plan & wait for Markets to come to you, never chase markets.

Hit Likes to agree...
Thanks for your support... Happy trading !
Comment: As I had posted earlier, I had initiated long only entered half of my positions & I'm content with the 150 points move with Gap up which happened yesterday. Nifty is on strong bullish momentum, so I'm planning to take out profits around 8580's.

Though there is small resistance around 8530's I hope that will be taken out. Lets watch what happens.
Comment: Bullish rally filled with Gaps - though we have to agree we are in strong uptrend with possible GST bill passage in coming weeks Nifty may get further momentum for another 300-400 points. But wait the story isn't all rosy here, in my experience spanning over 8 years seen that every gap needs to be filled , so the first Nifty gap @7200's.

I'm not saying it will crash today or tomorrow, can be in 6 months or year will definitely post here when that is about to happen..for now just note it & remember this logic, you will realize when the crash happens. Till then ride the bull wave up...
i see pull back of around 8162 before it shoots top.correct me if i am wrong
+1 Reply
InsiderB udaya.gujaran
Udaya, You are right about pullback to 8160's but only after 8280's support is broken,that's y mentioned both support.
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