EOD Chart(25-05-2011)
Main Features
1- 5th Corrective Wave is on
2- Falling Wedge(Bullish Pattern) Formation in 5th corrective Wave
3- Next 1st Support at 5348(Nifty closed at 5,348.95 on 25-05-2011)
4- Next 2nd Support at 5232
5- Next 3rd Support at 5177
Conclusions
All trends are down. 5th wave trend line and rising line continuation pattern has been broken down but Pull back rally and up moves hopes are possible because:-
1- Last 16 sessions down moves are without force.
2- 5th corrective wave is on and up moves are very much technically possible after its completion.
3- Trend reversal pattern Falling Wedge(Bullish Pattern) Formation in 5th corrective Wave.
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1- 5th Corrective Wave is on
2- Falling Wedge(Bullish Pattern) Formation in 5th corrective Wave
3- Next 1st Support at 5348(Nifty closed at 5,348.95 on 25-05-2011)
4- Next 2nd Support at 5232
5- Next 3rd Support at 5177
Conclusions
All trends are down. 5th wave trend line and rising line continuation pattern has been broken down but Pull back rally and up moves hopes are possible because:-
1- Last 16 sessions down moves are without force.
2- 5th corrective wave is on and up moves are very much technically possible after its completion.
3- Trend reversal pattern Falling Wedge(Bullish Pattern) Formation in 5th corrective Wave.