Current market sentiment is heavily bullish in nature. But Wolfe wave clearly tells that one more swift downfall is due on the shorter timeframe . And EOD Chart “Rising Wedge Pattern” suggesting that a expanding triangle is now taking place from 6067 to 6002.
In technical analysis, it is a naturally occurring trading pattern present in all financial markets. The pattern is composed of five waves showing supply and demand and a fight towards an equilibrium price. These patterns can develop over short- and long-term time frames such as minutes or weeks and are used to predict where a price is heading and when it will get there.
Bearish wolfe found on tata steel EOD charts. so a close below 518 likely to hit 400 target in tata steel in near term. charts below Keep tracking !!! Regards Jay