Not necessary Similar Patterns yield Similar Results !
This seems like an advertisement of Before and After
SENSEX Aug 23 --- BEFORE
SENSEX 17 September - AFTER
As is very clearly visible from the charts that the index is making pattern similar to what happened in January last year.
And yet again technically we are getting into the danger box of 16500-17200 roughly. Although on higher end limit is placed at 17700-18000 ( highly uncomfortable if it goes there without a dip)
Technical Analysis is not a strict science and its not necessary all patterns would be replicated exactly. The rising wedge does remain in place and risk-reward increases above 16500. At the same time the correction can only get deeper when the index moves below the black trendline with big magnitude of price and volume.
Such a confirmation can come only later but as of now its plain simple ---- Better to be cautious in this box !!
Views invited --- !
No stock specific views as a little unwell today so will keep it short ( As more i write more i need to follow up )