Edit : Sorry about Line spacing, Don't know why there is too much space, checking with admins.
This pattern brings up numerous questions about Nifty.
Will Nifty raise till 8279 ?
Will it break the wedge & move-up on breakout ?
Will it retest upper trendline and return to retest lower wedge trendline ?
For all these question its not right time to answer, only guess can be based on experience, which wont help much to figure out where to enter & where to exit.
This Wedge pattern can breakout upside if Nifty goes on to 8279 and I will be entering long on pullback only not during breakout itself. ( Am conservative trader,not aggressive)
If Nifty retests 8280's-8300's gives us triple-top I will short the market. For these to happen Nifty needs to break the resistance zone 8150's-8170's.
If anyone wants to go long do only in 15min or 5 mins (take small trades only) based on your plan and entry rules bcos I won't suggest long here to ride till 8280's in Hourly timeframe.
Happy Trading !