Firstly watch next supports for the life of expected correction
Technical Analysis,Research & Weekly Outlook
(Nov 11 to Nov 15,2019)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (08-Nov-2019):- |
| Just click on chart for its enlarged view |
1- Impulsive Wave-1 beginning from 6825.80 on 29-02-2016 after 1 financial year(2015-16) correction completion.
2- Impulsive Wave-1 completion at 8968.70 on 07-09-2016 and corrective Wave-2 beginning
3- Corrective Wave-2 completion at 7893.80 on 26-12-2016 and impulsive Wave-3 beginning
4- Impulsive Wave-3 completion at 11760.20 on 28-08-2018 and corrective Wave-4 beginning
5- Corrective Wave-4 completion at 10004.55 on 26-10-2018 and impulsive Wave-5 beginning
6- Impulsive Wave-5 completion after life time top formation at 12103.00 on 03-06-2019 and corrective Wave-A of "ABC" correction beginning
7- Corrective Wave-A completion at 10637.15 on 23-08-2019
8- Wave-B continuation with recent top formations at 11834.10 on 08-11-2019
Conclusions from EOD chart analysis
All trends are up.
Nifty-EOD Chart Analysis
(Corrective Waves)
Nifty-EOD Chart (08-Nov-2019):- |
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1- Impulsive Wave-5 completion after life time top formation at 12103.00 on 03-06-2019 and corrective Wave-A of "ABC" correction beginning
2- Corrective Wave-A completion at 10637.15 on 23-08-2019
3- Wave-B continuation with recent top formations at 11834.10 on 08-11-2019
Conclusions from EOD chart analysis
Wave-B of "ABC correction" continuation with recent top formations at 11834.10 on 08-11-2019.
Nifty-Intra Day Chart Analysis
(08-11-2019)
Nifty-Intra Day Chart (08-Nov-2019):- |
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1- Up moves in Bearish Rising Channel
2- Consolidation between 11950-11968
3- Selling between 12020-12034
4- Selling between 11961-11987
5- Sharp fall in last hour
6- Whole day actual trading between 11889-12034
Conclusions from intra day chart analysis
Although some consolidation after 10:30 PM but whole day good selling therefore sharp fall in last hour and resultant last Friday started correction is expected in the beginning of next week.
Conclusions (After Putting All Studies Together)
Corrective Wave-A of "ABC" correction begun on 03-06-2019 after Impulsive Wave-5 completion at 12103.00 which completed at 10637.15 on 23-08-2019. Now Wave-B continuation with recent top formations at 11834.10 on 08-11-2019 and no confirmation of its completion yet.
2nd Resistances between 12034-12092 were updated on 02-11-2019 in "Watch levels for next trend confirmations" and Nifty faced resistance exactly at this level as well as slipped 140 points last Friday after intraday highest formation at 12034.10.
As good intraday selling was seen just below last resistances(12034-12092) of Nifty last Friday therefore firstly fresh down moves towards following supports will be seen in next week:-
1- 11850-11875
2- 11500-11580
As 2nd supports are much below 1st supports therefore firstly sustaining it beyond should be watched in next week because sharp fall may be seen after sustaining below 11850. Finally sustaining beyond 11500 should also be watched in next week because that will confirm deeper correction which will decide the life of on going Wave-B also.
It should be kept in mind that until Nifty will not move above the top of Wave-1(12103.00) till then above charts given Waves structure will remain valid and finally Wave-C correction continuation below the bottom of Wave-A(10637.15) will remain under consideration as well as Outlook will be changed and Waves will be recounted only after Nifty moving above Wave-1(12103.00).
As lasy Friday started correction continuation is expected in next week therefore above mentioned next supports should firstly watched for the life of expected correction.