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 only caution this time.
But hey, bulls are back. So I suspect the possible H&S pattern as a trend 'reversal indicator' in formation turning sentiment from bearish/neutral to bullish and once the right shoulder forms completely (give or take 3 months) we would enter to claim new ATH most likely before April 2021.
45000 Sensex is incoming!
But hey, bulls are back. So I suspect the possible H&S pattern as a trend 'reversal indicator' in formation turning sentiment from bearish/neutral to bullish and once the right shoulder forms completely (give or take 3 months) we would enter to claim new ATH most likely before April 2021.
45000 Sensex is incoming!
Trade closed manually:
So March was supposed to be the top but we rushed past 45k to 50k!
Bears have entered the territory now.
Bears have entered the territory now.
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