Bears must have been happy to see the rising wedge formation all this while when the V shaped recovery resumed to claim the former top but cooled off at ~39500. The rising wedge formation did validate for a while and shared the target of ~34500 from a 'measured move' perspective. Note the divergence from the RSI while it tends to form a falling wedge which is the...
Period: 04/02/2009 to 20/07/2020.
No. of Points: 1,04,403.
No. of Trades: 674.
% Profitable: 52.37%.
Profit Factor: 1.732
Points per trades: 154.90
No. of lots: 2 (1 lot is partially booked after 750 points which can be customized and remaining 1 lot is in trade until the trend is reversed).
Sensex breakedout the rising support but was not able to break the resistance 35061.95,
Made double top pattern at 35208.17 near the resistance level 35061.95, price came down after making double top pattern to touch the support 34814.88.
Next target 34302.05
See the reaction at the lower line on the rising wedge. Once we break down we have two targets on the chart. A better entry could be the top of the wedge if you would like to sweeten the Risk-Reward ratio. I believe we will make a lower low. This rally doesn't make much sense and at these levels, I much rather be sitting in cash rather than hoping that the bubble...