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Strong Rally after  'Pennant Pattern'  break out confirmation through sustaining  above last Resistance
Technical Analysis,Research & Weekly Outlook
(Feb 02 to Feb 05,2015)
 Nifty-EOD Chart (28-Feb-2015):-
Just click on chart for its enlarged view
Technical Patterns and Formations in EOD charts

1- 5118.85 on 28-08-2013(Wave-i of Wave-3 beginning after 'ABC' correction completion)
2- Wave-i of Wave-3(6415.25 on 09-12-2013)
3- Wave-ii of Wave-3(5933.30 on 04-02-2014)
4- Wave-iii of Wave-3(8626.95 on 04-12-2014)
5- Wave-iv of Wave-3(7961.35 on 17-12-2014)
6- Wave-v of Wave-3 continuation with recent top formation at 8996.60 on 30-01-2015

Waves structure of Wave-v of Wave-3

Nifty-EOD Chart (28-Feb-2015):-
Just click on chart for its enlarged view
Technical Patterns and Formations in EOD charts

1- Wave-iv of Wave-3 completion at 7961.35 on 17-12-2014 and beginning of Wave-1 of Wave-v of Wave-3)
2- Wave-1 of Wave-v of Wave-3 completion at 8445.60 on 05-01-2015 
3- Wave-2 of Wave-v of Wave-3 completion at 8065.45 on 07-01-2015
4- Wave-3 of Wave-v of Wave-3 completion at 8996.60 on 30-01-2015
5- Wave-4 of Wave-v of Wave-3 completion at 8470.50 on 10-02-2015
6- Sub Wave-1 of Wave-5 of Wave-v of Wave-3 completion at 8913.45 on 19-02-2015 
7- Sub Wave-2 of Wave-5 of Wave-v of Wave-3 completion at 8669.45 on 26-02-2015 
8- Sub Wave-3 of Wave-5 of Wave-v of Wave-3 continuation with recent top formation at 8,941.10 on 26-02-2015

'Pennant Pattern'break out on 28-02-2015 

Nifty-EOD Chart (28-Feb-2015):-
Just click on chart for its enlarged view
Technical Patterns and Formations in EOD charts

1- 'Pennant Pattern'formations in last 22 Sessions Correction
2- 'Pennant Pattern'break out on 28-02-2015

Conclusions (After Putting All Studies Together)

All trends are up and strong recovery from lower levels after Union Budget-2015 amid high volatility and closing above 'Pennant Pattern'which was formed in last 22 Sessions and it is a strong indication of next up moves after Budget. Following resistances were updated on 21-02-2015 in "Finally Post Budget Rally after follow up consolidations":-

1- Resistances between 8820-8852
2- Resistances between 8918-8936

Nifty faced resistance between 2nd resistance(8918-8936) and closed just below it at 8,901.85 after highest formation just above it at 8,941.10 on Union Budget-2015 day. As 'Pennant Pattern break out therefore strong signal of fresh Up moves but sustaining above mentioned resistance(8936) should also be firstly watched. Once sustaining above it will mean fresh rally beginning because it is last resistance of Nifty and should be firstly watched in the beginning of next week.

Sub Wave-3 of Wave-5 of Wave-v of Wave-3 continuation with recent top formation at 8941.10 on 28-02-2015 and its Sub Wave-5 is still left for up moves above 8941.10. Although negative reactions on Budget are also coming but Short Term Indicators have started to show positive moves signals. As good selling has not seen yet and strong recovery was also seen after lower levels consolidation on Budget day therefore expected that fresh rally will be seen with new life time high formation in next week but follow up consolidation with sustaining above last resistance (8936) is must because that will be 'Pennant Pattern'  break out confirmation also.