Descending Broadening Wedge in Nifty Futures

After reaching the first target of ABCD pattern Nifty is facing resistance at top trend line of the Descending Broadening wedge. Watch out for the big volumes to confirm the break out for this pattern, target may be 4695. Below is the 5 min chart of nifty futures.

Descending Broadening Wedge in Nifty (Futures)

As expected nifty moved up with moderate volumes today, now it is just below the intermediate term resistance zone marked with aqua in below hourly chart of nifty. And also nifty formed descending broadening wedge on top if the break out happens target for this is 3730. As Nifty is quite near to the resistance line of the wedge and the trend line, we may see some down move tomorrow. After the partial pull back price may move up completing the target for the descending broadening wedge.

Nifty (Futures) Intraday Analysis for 16th April 2009

So many pattens in todays NF Fut intraday, below is 2m chart

1. Descending broadening wedge(Marked with yellow) volumes are increasing for the whole day.

2. Channel (Marked with aqua), Volumes were draining

3. Two Gartley Pattens (Marked with Pink)

4. A small Inverted head and shoulders (marked with pink), and volumes are also accordingly to the patten.

My trades:

• Entered short at 3468, after the pivot low is broken.
  
• Stopped out at 3426, when pivot high is broken.
  
• 42 points profit for single trade.