Nifty-EOD Chart(23-Mar-2012):-
Technical Patterns and Formations in EOD charts
1- Bottom of 13 months correction at 4531.15 on 20-12-2011
2- Wave-1 completion at 5629.95 on 22-02-2012
3- Corrective Wave-2 bottom at 5171.45 on 07-03-2012
4- Continuation pattern Symmetrical triangle Formation
Correction is on but no reversal pattern visible. As Continuation pattern Symmetrical triangle formation seen therefore expected that finally impulsive wave-3 rally will be seen after completion of corrective Wave-2.
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1- Bottom of 13 months correction at 4531.15 on 20-12-2011
2- Wave-1 completion at 5629.95 on 22-02-2012
3- Corrective Wave-2 bottom at 5171.45 on 07-03-2012
4- Continuation pattern Symmetrical triangle Formation
Conclusions from EOD chart analysis
Correction is on but no reversal pattern visible. As Continuation pattern Symmetrical triangle formation seen therefore expected that finally impulsive wave-3 rally will be seen after completion of corrective Wave-2.