Weekly Analysis-11-04-2011 to 15-04-2011
5911 target was given and after its achieving correction possibility was told daily in previous week because indicators were overbought and sentiment was heated therefore correction was technical requirement and it started in previous week.
All trends are up,Wave-5 is on and corrective Sub Wave-F is on after Sub Wave-E fast 596 points gains in 13 sessions. Nifty traded most of the time between 5855-5945 in previous week and weekly range broken down in last hours on 08-04-2011. As weekly range was broken down in previous week therefore deeper correction possiblity turned higher and confirmation will be sustaining below 5855 in the begining of coming week.
1- Waves Structure-chart:-
2- Sub Wave-F is on- chart:-
3- Micro-Analysis of previous Week Intra Day Chart(Weekly Trading Range 5855-5945 and its Breaking Down Chart):-
Conclusions (After Putting All Studies Together)
Micro-Analysis of previous week intraday chart is confirming distribution in previous week and breaking down of weekly trading rahge is also clear from last Friday intraday chart Micro-Analysis. It is confirmation of correction and its continuation will be seen in the coming week.
Nifty traded most time between 5855-5945 in previous week and sustaining below 5855 will rule out the possibility of range bound correction and in that situation deeper correction will be seen according to Fibonacci Retracement Levels
Weekly indicators are showing begining and continuation of upmoves while daily indicators are overbought and showing begining of correction. Firstly Daily indicators will cool down and after that rally will resume after last week begun correction completion.
Weekly MACD upward intersection of Average Line is crucial development and confirmation of strong rally after last week correction completion.
Fibonacci Retracement Levels should be watched after sustaining below 5855 and as per my view following levels should be watched specially for correction completion confirmation:-
1- 5762
2- 5651
3- 5561
Finally strong rally expected but before that correction will be seen. Market require complete consolidation after last week selling and until that will not happen till then fresh up move will not start. Let correction complete then up move will be considered. Slipping expected in the begining of week, Correction will take its own time in its process and its completion not expected in the coming week.
If Nifty sustains below 5855 then deeper down moves and Red weekly closing will be seen
5911 target was given and after its achieving correction possibility was told daily in previous week because indicators were overbought and sentiment was heated therefore correction was technical requirement and it started in previous week.
All trends are up,Wave-5 is on and corrective Sub Wave-F is on after Sub Wave-E fast 596 points gains in 13 sessions. Nifty traded most of the time between 5855-5945 in previous week and weekly range broken down in last hours on 08-04-2011. As weekly range was broken down in previous week therefore deeper correction possiblity turned higher and confirmation will be sustaining below 5855 in the begining of coming week.
1- Waves Structure-chart:-
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| Just click on chart for its enlarged view |
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| Just click on chart for its enlarged view |
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| Just click on chart for its enlarged view |
Micro-Analysis of previous week intraday chart is confirming distribution in previous week and breaking down of weekly trading rahge is also clear from last Friday intraday chart Micro-Analysis. It is confirmation of correction and its continuation will be seen in the coming week.
Nifty traded most time between 5855-5945 in previous week and sustaining below 5855 will rule out the possibility of range bound correction and in that situation deeper correction will be seen according to Fibonacci Retracement Levels
Weekly indicators are showing begining and continuation of upmoves while daily indicators are overbought and showing begining of correction. Firstly Daily indicators will cool down and after that rally will resume after last week begun correction completion.
Weekly MACD upward intersection of Average Line is crucial development and confirmation of strong rally after last week correction completion.
Fibonacci Retracement Levels should be watched after sustaining below 5855 and as per my view following levels should be watched specially for correction completion confirmation:-
1- 5762
2- 5651
3- 5561
Finally strong rally expected but before that correction will be seen. Market require complete consolidation after last week selling and until that will not happen till then fresh up move will not start. Let correction complete then up move will be considered. Slipping expected in the begining of week, Correction will take its own time in its process and its completion not expected in the coming week.
If Nifty sustains below 5855 then deeper down moves and Red weekly closing will be seen