Firstly up moves towards next resistances but finally correction continuation towards next supports
Technical Analysis,Research &
Weekly Outlook(Sep 28 to Oct 01,2020)
Live Proofs of 100% accurate Nifty Predictions
Following conclusive line was told in previous Weekly Outlook in the topic of"Correction continuation which may be deeper also":-
Correction continuation is expected in the coming week/weeks which may be deeper also.
As was told 100% same happened and Nifty crashed 715 points in previous week as well as Nifty corrected more than 1000 points from higher levels.
Nifty-EOD Chart Analysis
(Wave B structure,Averages & Stochastic)
Nifty-EOD Chart (25-Sep-2020):-
Technical Patterns and Formations in EOD charts
1- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning
2- Wave-B completion indications with recent top formation at 11794.3 on 31-08-2020 and correction beginning
3- Wave-B correction continuation with recent bottom formation at 10790.2 on 24-09-2020.
4- Intermediate Term Trend decider 55-Day SMA is today at 11247
5- Long Term Trend decider 200-Day SMA is today at 10757
6- Stochastic-%K(5) is at 18.64 & %D(3) is at 14.43
Conclusions from EOD chart analysis
(Wave B structure,Averages & Stochastic)
Corrective Wave-A completed at 7511.10 on 24-03-2020 and Wave-B started but strong signals of its completion at 11794.3 on 31-08-2020 after 406 points fall from higher levels and closing 260 points down on that day.
Although after that Nifty remained 15 Sessions sideways between 11186-11585 but this range was broken down on 22-09-2020 and 31-08-2020 started correction remained continued with recent bottom formation at 10790.2 on 24-09-2020.
As Nifty has not moved below 200-Day SMA(today at 10757) in on going correction therefore Long Term Trend is still up but strong indications of Intermediate Term Trend turning down after last 4 sessions closing below its decider 55-Day SMA(today at 11247)
Short term indicator Stochastic has moved into Oversold zone and %K(5) at 18.64 has intersected upward %D(3) at 14.43 therefore signals of Short term up moves which will be seen in next week.
Nifty-EOD Chart Analysis
(Fibonacci retracement levels)
Nifty-EOD Chart (25-Sep-2020):-
Technical Patterns and Formations in EOD charts
1- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning.
2- Wave-B completion indications with recent top formation at 11794.3 on 31-08-2020 and correction beginning.
3- Fibonacci retracement levels of correction:-
1- 13.0%- 11237.40
2- 23.6%- 10783.43
3- 27.0%- 10637.80
4- 38.2%- 10158.09(Crucial)
5- 50.0%- 9652.68(Crucial)
6- 61.8%- 9147.26(Crucial)
7- 70.7%- 8766.06
8- 76.4%- 8521.92
9- 78.6%- 8427.69
10-88.6%- 7999.38
Conclusions from EOD chart analysis
(Fibonacci retracement levels)
Wave-B completion continuation which will be according to above mentioned Fibonacci retracement levels and that should be watched for supports getting and next moves in coming weeks/months/years.
Nifty-Intra Day Chart Analysis
(25-Sep-2020)
Nifty-Intra Day Chart (25-Sep-2020):-
Technical Patterns formation in today intraday charts
1- Consolidation between 10855-10921
2- Up moves
3- Consolidation between 10966-11010
4- Up moves
5- Sideways trading between 11027-11072
6- Whole day actual trading between 10855-11072
Conclusions from intra day chart analysis
As whole day good consolidation with continuous up moves after strong opening and selling patterns were not seen therefore last Friday started up moves will 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 down.
3- Short term trend is down.
Strongest indications of Wave-B completion and Wave-C beginning emerged on 31st Aug 2020 since then Nifty has slipped more than 1000 points from higher levels.
Nifty remained 15 Sessions sideways between 11186-11585 after 31st Aug 2020 sharp fall and this 15 Sessions range has also been broken down in last week which is a strong indication of more down down moves below the lowest of on going correction(10790.2).
As Short term indicator Stochastic has moved into Oversold zone and good consolidation was seen last Friday also therefore previous session started up moves which will be seen in the beginning of next week towards following next resistances;-
1- 11119-11170
2- 11206-11237
3- 11277-11319
4- 11476-11529(Strong)
5- 11556-11598(Strong)
6- 11626-11670
7- 11742-11777
As strong signals of Wave-C beginning for down moves towards and below 7511.10 therefore finally following next supports should be watched in the coming weeks/months;-
1- 10855-10921
2- 10966-11010
3- 10627-10686
4- 10503-10545
5- 10224-10348(Strong)
6- 10069-10137
7- 9873-9934
8- 9696-9802
Although firstly up moves are expected in next week but will fuse near about above mentioned resistances in the coming 2/3 weeks and finally on going correction will remain continued towards above mentioned supports.