Firstly Watch next supports for the life of correction
Technical Analysis,Research & Weekly Outlook
(Dec 09 to Dec 13,2019)
Nifty-EOD Chart Analysis
(Waves 5th structure)
Nifty-EOD Chart (06-Dec-2019):- |
| Just click on chart for its enlarged view |
1- Impulsive Wave-i of Wave-5 beginning at 10004.55 on 26-10-2018 after Wave-4 completion
2- Wave-i of Wave-5 completion at 12103.00 on 03-06-2019 and corrective Wave-ii beginning
3- Corrective Wave-ii of Wave-5 completion at 10637.10 on 23-08-2019 and impulsive Wave-iii beginning
4- Impulsive Wave-iii of Wave-5 in continuation with recent top formations at 12158.80 on 28-11-2019
5- Short Term Correction continuation with recent bottom formations at 11,888.85 on 06-12-2019
6- Short tem correction continuation confirmations through Nifty slipping below 13 Day EMA(Today at 12025.10).
Nifty-Intra Day Chart Analysis
(06-Dec-2019)
Nifty-Intra Day Chart (06-Dec-2019):- |
| Just click on chart for its enlarged view |
1- Down moves with intraday corrections
2- Last hour Down moves in Bullish Falling Channels
3- Whole day actual trading between 11889-12057
Conclusions from EOD chart analysis
Impulsive Wave-iii of Wave-5 is on and now its Short tem correction is in continuation with recent botom formations at 11,888.85 on 06-12-2019
Conclusions from intra day chart analysis
As down moves beginning immediately after opening were were with intraday corrections therefore down moves remain continued almost whole day but Last hour Down moves were in Bullish Falling Channels hence some up moves may be seen in the beginning of next week.
Conclusions
(After Putting All Studies Together)
1- Long Term Trend is up.
2- Intermediate Term Trend is up.
3- Short Term Trend is has turned down amid on going correction.
Impulsive Wave-iii of Wave-5 in on but Short Term correction is being seen form the last 2 weeks. As Nifty has closed below 13 Day EMA(Today at 12025.10) last Friday and any big intraday consolidation has not been seen yet therefore at present its continuation will be considered.
As Last hour Down moves were in Bullish Falling Channels last Friday and Short Term indicators have also turned oversold therefore some up moves may be seen in the beginning of next week but following resistances have been developed at higher levels therefore until Nifty will not sustain above them after complete consolidation till then decisive up moves will not be seen:-
1- 12038-12081
2- 12120-12158
Next supports below last Friday lowest are as follows:-
1- 11875-11914
2- 11820-11856
As sufficiently good supports below last Friday lowest therefore firstly sustaining beyond 11820 should be watched for the life of on going correction in the next week/weeks and finally sustaining it beyond will generate next Big Moves which should be watched for its confirmations.