The rising wedge pattern is characterized by a chart pattern which forms when the market makes higher highs and higher lows with a contracting range. When you find this pattern in an uptrend it is considered a reversal pattern as the contraction of the range indicates that the uptrend is loosing steam. When you find this pattern in a downtrend it is considered a bullish pattern as the market range becomes narrower into the correction indicating that it is running out of steam and the resumption of the downtrend is in the making.
At the Same time Negative Divergences are forming on Price oscillators. So a 200 pint correction is expected before Nifty touches 5200.
Be cautious and trade with Care.
Bhupesh
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