Inverted Head & Shoulders Formations
EOD Chart(03-06-2011)
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1- Inverted Head & Shoulders formation in last 24 sessions
2- Inverted Left Shoulder and Inverted Head formation is complete.
3- Inverted Right Shoulder under constructions
4- Neck Line is at 5605 and Nifty retraced after its testing on 03-06-2011.
Trend reversal pattern "Falling Wedge(Bullish Pattern) Formation" was confirmed on 25-05-2011 and Pull Back Rally was declared in following 3 topics before the begining of rally:-
1- Pull Back Rally Possible
2- Technical Analysis of EOD Chart and Research For 26-05-2011
3- Nifty-Micro Analysis of Intra Day Chart For 26-05-2011
Conclusions
Pull Back Rally stopped exactly near Neck Line(5605) and retraced 2 times in previous week. Neckline break out by force or sustaining above will mean blasting rally in Indian markets because in that situation all trends will be up and that rally will be the result of complete consolidations and 2 following Bullish formation:-
1- Falling Wedge(Bullish Pattern)
2- Inverted Head & Shoulders
Nifty will first prepare for next moves between 5459-5605 in the coming week and intraday charts consolidation patterns will be first indication of fresh upmoves. Let Indian markets prepare for next moves and confirmation come then will be told first of all in my Outlooks from Intra day charts analysis as was declared before the begining of Pull Back Rally(26-05-2011).