Technical Analysis and Research For Aug 22 to Aug 26,2011
Nifty-EOD Chart(19-Aug-2011):-
Technical Patterns and Formations in EOD charts
1- 61.8% Retracement of Wave-3 has been completed at 4843
2- Nifty closed at 4846 on 19-08-2011
3- Corrective Wave-A retraced 1160 Points and corrective Wave-C has also retraced 1148,in this manner Wave-C has almost retraced 100% of Wave-A.
Conclusions
All trends are down and 13 months EOD charts structure has also been broken down but EOD chart pattern is showing correction formation also therefore ongoing 9 monthe down moves may be correction of Wave-3 which started on 13-07-2009 from 3919 and terminated on 05-11-2010 at 6338.
61.8% Fibonacci retracement of Wave-3 has been completed at 4843 on 19-08-2011 and corrective Wave-C has also retraced almost 100% of Wave-A therefore correction completion possibility will be considered at 4843.
Selling at higher levels on 19-08-2011 therefore Indian markets may slip but consolidations was also seen between 4798-4830 on 19-08-2011 therefore suatining beyond 4798-4830 should be watched first of all in the beginning of next week.
Nifty traded between 4798-4891 on 19-08-2011 with selling at higher levels and buying at lower levels,expected that Nifty will firstly trade between this range. Although Indian markets may slip first but high possibility of firstly sustaing above 4798 and finally sustaing above 4891 as well as emergence of Pull Back Rally.
Next moves first indication will be sustaining beyond 4843 confirmation level is crossing of 4798-4891 therefore mentioed levels should be watched first.
As trading range of 19-08-2011 is next trend decider therefore just click following link and understand internal structure of intra day chart of 19-08-2011:-
Nifty-Micro Analysis of Intra Day Chart For 22-08-2011
Nifty-EOD Chart(19-Aug-2011):-
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| Just click on chart for its enlarged view |
1- 61.8% Retracement of Wave-3 has been completed at 4843
2- Nifty closed at 4846 on 19-08-2011
3- Corrective Wave-A retraced 1160 Points and corrective Wave-C has also retraced 1148,in this manner Wave-C has almost retraced 100% of Wave-A.
Conclusions
All trends are down and 13 months EOD charts structure has also been broken down but EOD chart pattern is showing correction formation also therefore ongoing 9 monthe down moves may be correction of Wave-3 which started on 13-07-2009 from 3919 and terminated on 05-11-2010 at 6338.
61.8% Fibonacci retracement of Wave-3 has been completed at 4843 on 19-08-2011 and corrective Wave-C has also retraced almost 100% of Wave-A therefore correction completion possibility will be considered at 4843.
Selling at higher levels on 19-08-2011 therefore Indian markets may slip but consolidations was also seen between 4798-4830 on 19-08-2011 therefore suatining beyond 4798-4830 should be watched first of all in the beginning of next week.
Nifty traded between 4798-4891 on 19-08-2011 with selling at higher levels and buying at lower levels,expected that Nifty will firstly trade between this range. Although Indian markets may slip first but high possibility of firstly sustaing above 4798 and finally sustaing above 4891 as well as emergence of Pull Back Rally.
Next moves first indication will be sustaining beyond 4843 confirmation level is crossing of 4798-4891 therefore mentioed levels should be watched first.
As trading range of 19-08-2011 is next trend decider therefore just click following link and understand internal structure of intra day chart of 19-08-2011:-
Nifty-Micro Analysis of Intra Day Chart For 22-08-2011