Update: Broadening Right-Angled Triangle in IDBI

I posted about Broadening Right-Angled Triangle in IDBI yesterday. Today it didn’t break on either side, instead price moved in sideways. Now Rs.80 gives good support. And the upper resistance line became too steep, price may not move like wise. We might see some shorting opportunities below Rs.80 level.

Broadening Right-Angled Triangle in IDBI

Broadening right angled triangle has formed in IDBI Bank, with good expanding volumes. Break out or break down can be traded for Rs.6 profit.

Generally broadening triangles form on market tops, when there is lot of uncertainty. Today it reached the wolfe wave target at 85 on daily charts. As all the indicators are showing overbought we may expect some down fall due to profit booking. Below is the 5 min chart showing broadening right-angled triangle:

Below is the EOD chart of the Bullish Wolfe Wave in IDBI bank: Please note again, this is EOD chart.