Correction Continuation/Completion Confirmations through Crucial Levels
Intra Day Chart Analysis & Market Outlook
(12-08-2016)
Nifty-Intra Day Chart (11-Aug-2016):-
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1- Up moves in Bearish Rising Channels
2- Selling between 8590-8601
3- Consolidation between 8541-8560
4- Down moves in Bullish Falling Channel
5- Whole day volatility in 60 points
6- Whole day actual trading between 8541-8601
Conclusions from intra day chart analysis
Whole day volatility in 60 points with both consolidation and distribution patterns formations are suggesting to get on going correction continuation/completion confirmations through following crucial levels:-
1- 8518-8612(First indication)
2- 8478-8650(Final confirmation)
Sustaining beyond above levels will confirm:-
1- Below 8478- correction continuation towards 8289.
1- Above 8650- Fresh rally towards 8728 and above after on going correction completion.