#Nifty50's Three Bearish Rising Wedges
A rising bearish wedge, in my view one of the most reliable technical patterns, always implies significant change to the downside for the price on a chart, the impact of course also being determined by the time frame on which the pattern appears.
On this Weekly chart we see the wedge in orange, which I started warning about many months ago already, and inside this wedge, also a smaller wedge in yellow, which was drawn on the Daily chart. Then these two wedges are topped off by a textbook overthrow, in the form of a rising wedge, which was drawn in blue on the 120 min chart.
The price has already slipped from this smallest of the three wedges with the lower line now becoming a resistance. I probably wasn't observant enough in class over the last more than 26 years, but I have never in my life seen a chart like this before. It however perfectly summarizes the dire outcome for many indices and shares all over the world I have been writing about for several years.
On this Weekly chart we see the wedge in orange, which I started warning about many months ago already, and inside this wedge, also a smaller wedge in yellow, which was drawn on the Daily chart. Then these two wedges are topped off by a textbook overthrow, in the form of a rising wedge, which was drawn in blue on the 120 min chart.
The price has already slipped from this smallest of the three wedges with the lower line now becoming a resistance. I probably wasn't observant enough in class over the last more than 26 years, but I have never in my life seen a chart like this before. It however perfectly summarizes the dire outcome for many indices and shares all over the world I have been writing about for several years.
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