The fact that this right shoulder was formed lower vs the left, plus the fact that the neckline is down sloping, brings a serious concern to the bulls. This could easily head below 6000.
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We should be testing the neckline at 7.8k to 8k in this week. There might be a bounce up. Otherwise, the more likely scenario would be we break this. Then possibly 6.7k, 6k, 5k 4.5k etc... But 8k is a strong support, so lets see when we get there.
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Wow this was quicker than expected. I guess the sharp rise called out for a sharp fall.
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I was just about to mention that I am not taking the rising wedge trade. Way too risky as it could break down sooner. than its normal 2/3. But the wedge does give a good idea that we will end up going breaking down. Which is exactly what happened.
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At the neckline of HS. I think we should see a slight bounce from here before breaking the neck of the pattern.
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Still needs to break the neck line ( now 7.4k)