More up moves towards next resistances if coronavirus crisis situation remains normal
Technical Analysis,Research & Weekly Outlook
(Mar 16 to Mar 20,2020)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (13-Mar-2020):- |
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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 11171.50 on 29-01-2018 and corrective Wave-4 beginning
5- Corrective Wave-4 completion at 9951.90 on 23-03-2018 and impulsive Wave-5 beginning
6- Impulsive Wave-5 completion after new life time high formation at 12430.50 on 20-01-2020 and Wave-A of "corrective ABC Waves" beginning
7- Corrective Wave-A continuation with recent bottom formation at 8555.15 on 13-03-2020
8- Indications of Wave-B formations after 1604.25 points sharp recovery from lower levels on 13-03-2020
Conclusions from EOD chart analysis
(Waves structure)
4 Years rally which started from 6825.80 on 29-02-2016 completed at 12430.50 on 20-01-2020 after 5 waves completion and its 'ABC" Correction correction begun which is in continuation with recent bottom formation at 8555.15 on 13-03-2020. As 1604.25 points sharp recovery from 8555.15 on 13-03-2020 therefore indications of Wave-B formations after Wave-A completion.
Nifty-EOD Chart Analysis
(Corrective Waves structure)
Nifty-EOD Chart (13-Mar-2020):- |
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1- Corrective Wave-4 completion at 9951.90 on 23-03-2018 and impulsive Wave-5 beginning
2- Impulsive Wave-5 completion after new life time high formation at 12430.50 on 20-01-2020 and Wave-A of "corrective ABC Waves" beginning
3- Impulsive Wave-5 continuation in Rising Channel
4- Rising Channel broken down forcefully on 06-03-2020
5- Corrective Wave-A continuation with recent bottom formation at 8555.15 on 13-03-2020
6- Indications of Wave-B formations after 1604.25 sharp recovery from lower levels on 13-03-2020
Conclusions from EOD chart analysis
(Corrective Waves structure)
As Nifty moves up 1604.25 points and recovered from 8555.15 to 11159.40 on 13-03-2020 in just 1 sessions therefore strong indications of Wave-A completion and Wave-B formations to move towards the top of Wave-5(12430.50).
Nifty-EOD Chart Analysis
(Fibonacci retracement levels)
Nifty-EOD Chart (13-Mar-2020):- |
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Nifty-Fibonacci Retracement levels of whole waves structure(6825 to 12430):-
1- 13.0%- 11701 (Retraced)
2- 23.6%- 11107 (Retraced)
3- 27.0%- 10916 (Retraced)
4- 38.2%- 10288 (Retraced)
5- 50.0%- 9627 (Retraced)
6- 61.8%- 8966 (Retraced)
7- 70.7%- 8467
8- 76.4%- 8147
9- 78.6%- 8024
10-88.6%- 7463
Conclusions from EOD chart analysis (Fibonacci retracement levels)
Retracement of whole that rally is very much on which started from 6825 and completed at 12430,its 61.8% retracement has been completed and no confirmation of this retracement completion.
Conclusions
(After Putting All Studies Together)
1- Long term trend is down.
2- Intermediate term trend is down.
3- Short term trend is down but indication of its turning up after strong recovery from lower levels and 1604.25 points strong recovery from lower levels on 13-03-2020.
As Nifty slipped below the bottom of Wave-5(9951.90) on 13-03-2020 therefore it is another confirmation of Bear market and more down moves will be seen below 9951.90 in the coming weeks/months after Wave-C formation despite 1604.25 points strong recovery here on 13-03-2020
Earthquake like situation due to coronavirus crisis all around in all the Global markets and no one knows when situation will become normal and how much this problem will deepen therefore cautious approach is required. As eruption of this problem therefore corrective Wave-A was extremely fast and it seems that Wave-A has completed Price-wise correction 8555.15 on 13-03-2020 and signals of Wave-B formation also but it is expected that it may complete correction in Time-wise manner
If coronavirus crisis does not turn worse and situation remains normal then more up moves will be seen towards following next resistances:-
1- 10527-10590
2- 10884-11005
3- 11260-11400