Nifty-Intra Day Chart (06-Nov-2013):-
Technical Patterns and Formations in today intraday charts
1- Selling between 6255-6269
2- Down moves in Bullish Falling Channel.
3- Whole day actual trading between 6209-6269
Firstly selling at higher levels and after that without force down moves in Bullish Falling Channel which is one of consolidation pattern also therefore emergence of first signal of on going correction completion.
Following line was told yesterday in Firstly Watch now next Supports at 6194:-
Next supports are at 6194 and slipping towards it can not be ruled out today
As was told same happened today and bottom formation at 6,208.70 after whole day slipping from intraday higher levels. Although correction is on but sustaining beyond 6194 should be firstly watched today because that will give deeper correction or correction completion confirmation.
As impulsive Wave-3 is on towards 6724.60 and on going down moves are only very Short Term correction therefore only limited down moves up to next supports(6194) were considered and those were seen in previous sessions. As consolidation patterns formations also seen today therefore if Nifty sustain above 6194 tomorrow then that will be very short term correction completion confirmation and then rally above all time high of Nifty will be seen in the coming weeks.
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1- Selling between 6255-6269
2- Down moves in Bullish Falling Channel.
3- Whole day actual trading between 6209-6269
Conclusions from intra day chart analysis
Firstly selling at higher levels and after that without force down moves in Bullish Falling Channel which is one of consolidation pattern also therefore emergence of first signal of on going correction completion.
Following line was told yesterday in Firstly Watch now next Supports at 6194:-
Next supports are at 6194 and slipping towards it can not be ruled out today
As was told same happened today and bottom formation at 6,208.70 after whole day slipping from intraday higher levels. Although correction is on but sustaining beyond 6194 should be firstly watched today because that will give deeper correction or correction completion confirmation.
As impulsive Wave-3 is on towards 6724.60 and on going down moves are only very Short Term correction therefore only limited down moves up to next supports(6194) were considered and those were seen in previous sessions. As consolidation patterns formations also seen today therefore if Nifty sustain above 6194 tomorrow then that will be very short term correction completion confirmation and then rally above all time high of Nifty will be seen in the coming weeks.