Strongest indications of Wave-B
completion & Nifty towards and
below the origin level
of Wave-B(7511.10)
Nifty-Intra Day Chart Analysis &
Market Outlook(01-09-2020)
Nifty-Intra Day Chart (31-Aug-2020):-
Technical Patterns formation in today intraday charts
1- Whole day down moves with upward corrections
2- Whole day actual trading between 11326-11794
Conclusions from intra day chart analysis
As all the Global markets were strong therefore strong gap up opening and traded 146 points up also but as soon as Indo-China border tension news broke out in news channels then started slipping which remained continued till last minutes. Whole day selling was seen through down moves with upward corrections hence today started correction is expected in the coming sessions also because following negative signals have been generated after 406 points crash from higher levels;-
1- Bearish Engulfing candle formation on EOD and Weekly chart today.
2- Wave-B Trend line at 11470 broken down after closing below it at 11387.50 today.
3- 5 supports were updated on 29-08-2020 in "Watch 7 levels for deeper correction beginning confirmations" and Nifty has closed below first 3 supports today.
7 levels were updated for deeper correction beginning confirmations on 29-08-2020 and out of those 4 levels have been broken down today as well as Bearish Engulfing candle formation on EOD and Weekly chart therefore one of the strongest indications of Wave-B completion today and journey towards and below the origin level of Wave-B(7511.10) started after highest formation today at 11,794.25