ABC' Correction & pattern Pennant Formations Chart
Main Features
1-'ABC' Correction Completed
2- Correction in Continuation pattern Pennant Formations
3- Support at 5444
4- Previous closing at Rising Trend Line of Pennant
Conclusions
Correction started from Diwali 2010 day with formation of 'ABC' Correction,that has been completed at 5177 and after its completion 4th corrective wave has completed. 5th impulsive wave is on and it is Rising Trend Line of Pennant,it was broken down last week but Nifty nicely consolidated 4 days below it and after strong upmove seen last Friday.
Pennant is continuation pattern as primary trend is still up therefore Pennant formation means that finally Nifty should cross and sustain above Falling Trend Line of Pennant. As Nifty closed exactly at at Rising Trend Line of Pennant trend line after trading above it last Friday therefore Pennant is still intact and its breaking down confirmation point will be slipping below 5401.
As Pennant is still intact therefore upmoves hopes are still alive.
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1-'ABC' Correction Completed
2- Correction in Continuation pattern Pennant Formations
3- Support at 5444
4- Previous closing at Rising Trend Line of Pennant
Conclusions
Correction started from Diwali 2010 day with formation of 'ABC' Correction,that has been completed at 5177 and after its completion 4th corrective wave has completed. 5th impulsive wave is on and it is Rising Trend Line of Pennant,it was broken down last week but Nifty nicely consolidated 4 days below it and after strong upmove seen last Friday.
Pennant is continuation pattern as primary trend is still up therefore Pennant formation means that finally Nifty should cross and sustain above Falling Trend Line of Pennant. As Nifty closed exactly at at Rising Trend Line of Pennant trend line after trading above it last Friday therefore Pennant is still intact and its breaking down confirmation point will be slipping below 5401.
As Pennant is still intact therefore upmoves hopes are still alive.