BIOCON - Bottoming out into Inverted H&S
Biocon has been in a strong downtrend since the start of 2021, moving downwards in a distinct falling wedge pattern.
The falling wedge has now formed Left and Right shoulders on the 0.5 Fib with a Head further down off the 0.618 Fib.
While Biocon strongly broke out of the falling wedge, it has now re-tested the breakout and remains within the forming Inverted H&S pattern.
A risky bet would be to go Long now, and a safer bet would be to go Long after breakout of the neckline (above 380).
The falling wedge has now formed Left and Right shoulders on the 0.5 Fib with a Head further down off the 0.618 Fib.
While Biocon strongly broke out of the falling wedge, it has now re-tested the breakout and remains within the forming Inverted H&S pattern.
A risky bet would be to go Long now, and a safer bet would be to go Long after breakout of the neckline (above 380).
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