Nifty-Weekly Chart(02-Dec-2011):-
Technical Patterns and Formations in Weekly charts
1- Falling Channel Wave-4 correction.
2- Wave-4 corrective structure without any trend reversal pattern.
3- Pull Back Rally commencement in previous week.
4- MACD line upward intersection of Average line.
Conclusions
MACD line upward intersection of Average line also seen in weekly chart and it is strong indication of long term up trend formation. Corrective Wave 4 started on 05-11-2010 from 6338 and its latest lowest formed at 4640 on 24-11-2011. No long term trend reversal pattern seen in this corrective move. As Wave-4 structure is corrective Falling channel pattern therefore it is showing possibility of impulsive Wave-5 formation after completion of corrective Wave-4.
Previous week begun forceful up moves may finally prove impulsive Wave-5 after correction completion of Wave-4 and such confirmation will mean strong Wave-5 rally towards and above top of Wave-4(6338).
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1- Falling Channel Wave-4 correction.
2- Wave-4 corrective structure without any trend reversal pattern.
3- Pull Back Rally commencement in previous week.
4- MACD line upward intersection of Average line.
Conclusions
MACD line upward intersection of Average line also seen in weekly chart and it is strong indication of long term up trend formation. Corrective Wave 4 started on 05-11-2010 from 6338 and its latest lowest formed at 4640 on 24-11-2011. No long term trend reversal pattern seen in this corrective move. As Wave-4 structure is corrective Falling channel pattern therefore it is showing possibility of impulsive Wave-5 formation after completion of corrective Wave-4.
Previous week begun forceful up moves may finally prove impulsive Wave-5 after correction completion of Wave-4 and such confirmation will mean strong Wave-5 rally towards and above top of Wave-4(6338).