- Rising wedge formation of the entire rally from March 2009 which is bearish.
- The entire rise since May 2009 has been on falling volumes.
- The target of the rising wedge is 2356.
- Nifty has closed below the wedge for May 2010, on high volumes, indicating more fall to come.
- Oscillators have been in negatve divergence since some time and continue to show weakness.
- The Nifty has been in a range of around 850 points since September 2009. Break below this range at 4538 will give an immediate target of 3676.
Happy Trading !!