Nifty opened gap up and started moving up with out closing the gap with good volumes. At the first resistance of 4470 levels, it started consolidating in sideways for an hour. Nifty gave good break out from the narrow range, but it didn't get enough thrust to zoom up instead it started moving in another narrow range. After consolidating for an hour it gave a week, low volumed break out, which gave a little hint for the negative bias. Later on Nifty formed a Narrow ranged Channel and gave good breakdown, which gave added some more weight for bearishness.
Later Nifty formed a Right Angled Broadening Triangle (not perfect), with a big space in between the last two waves. But with the bearish signals which it has generated earlier pushed to go short at the breakdown. Target for this pattern is missed with 8 points. As I have mentioned in the post, trade must be taken with trailing stop loss, which avoided the pinch from the up move with less effort.
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