Nifty-EOD Chart (30-Nov-2012):-
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Technical Patterns and Formations in EOD charts
1- 6335.90 on 08-11-2010(Long term correction begun).
2- 4531.15 on 20-12-2011(Rally beginning after 13 Months correction completion).
3- Wave-1 completion(5629.95 on 22-02-2012).
4- Wave-2 completion(4770.35 on 04-06-2012).
5- Wave-3 completion(5815.35 on 05-10-2012).
6- Wave-4 (Bottom formation at 5549).
7- 44 Sessions sideways correction between 5549-5815 with Bullish Flag formation.
8- 44 Sessions sideways trading range break out on 29-11-2012.
9- Wave-5 formation but its confirmation is required yet.
Conclusions from EOD chart analysis
Although Wave-5 formation and 44 Sessions sideways trading range(5549-5815) break out on 29-11-2012 but validity confirmation is required yet through:-
1- 3 Days sustaining above 5815.
2- Minimum 3% up moves from the highest((5815) of the previous 44 Sessions trading range.
Nifty-Intra Day Chart (30-Nov-2012):-
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Technical Patterns and Formations in today intraday charts
1- Whole day without force up moves.
2- Whole day actual trading between 5827-5884
Conclusions from intra day chart analysis
Although Whole day without force up moves but with intraday corrections therefore no hurdle for next up moves and only more consolidation is required for next rally above 5884.
Conclusions (After Putting All Studies Together)
As Bullish Flag formation confirmations therefore
following Bullish views were posted on 24-11-2012 in "Bullish Flag formation confirming strong Wave-5 Rally"
strong and blasting up moves will be seen without much deeper correction.
Above Bullish market was projected well before the beginning of strong 279 Nifty points rally in previous week.
44 Sessions sideways trading range break out in previous week and its validity confirmation is required yet.Let it happen in the coming couple of sessions then more than 7% rally will be seen in the coming weeks.
