Nifty-EOD Chart(31-05-2011):-
Corrective 'ABC' wave-4 started on 05-10-2010 from 6338 which completed on 11-02-2010 at 5177 and impulsive wave-5 begun same day. It is clear from EOD chart that trend continuation Pennant formation since begining of wave-5 but Rising trend line of Pennant was broken down on 17-05-2011.
As post 17th May down move was without force and intraday charts were showing consolidations therefore Pull Back Rally expectations was told many times in previous week and it was seen also.Following lines were also told in Weekly Outlook on 30-05-2011
trend has reversed in previous week and Nifty will consolidate,test and cross next strong resistance range(5500-5605) in the coming weeks and Nifty will finally cross 5605.
Finally Nifty moved above Wave-5 trend line(Rising lower line of Pennant) today and with this Wave-5 and Pennant existence have also came into being. Nifty today highest was at 5571.60 and only question is left to be answered that Nifty is sustaining above 5605 or not.
Expected that Nifty will finally cross and sustain above 5605 in the coming sessions/week.
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As post 17th May down move was without force and intraday charts were showing consolidations therefore Pull Back Rally expectations was told many times in previous week and it was seen also.Following lines were also told in Weekly Outlook on 30-05-2011
trend has reversed in previous week and Nifty will consolidate,test and cross next strong resistance range(5500-5605) in the coming weeks and Nifty will finally cross 5605.
Finally Nifty moved above Wave-5 trend line(Rising lower line of Pennant) today and with this Wave-5 and Pennant existence have also came into being. Nifty today highest was at 5571.60 and only question is left to be answered that Nifty is sustaining above 5605 or not.
Expected that Nifty will finally cross and sustain above 5605 in the coming sessions/week.