the falling wedge and my ew chart...

here's the much discussed falling wedge now developing on nifty chart, the volumes are declining and positive divergence showing on rsi indicator. it needs a bullish breakout with volume above the wedge upper tline, the upper tgt after a break out will be upto 3600. this if happens will probably mean our C-3-(4) and C-3-(5) completed and C-4 will be on with already given tgt that matches very well.

but a close with volume below recent low of 3047 and further will negate this. and the wedge/triangle then i will perhaps mark just as C-3-(4), as it fits in time reqd for its completion, with further waves C-3-(5) etc to follow thereafter.

pls refer to my ew chart posted earlier for reference.

so it seems the movement of nifty in next couple of days will be interesting and will provide the direction to trade.