Nifty-EOD Chart(17-Feb-2012):-
1- More than 13 months corrective wave and reversal in 13th Fibonacci number month.
2- Strong base formation in 122 Sessions side ways market between 4720-5229
3- Trend Reversal Broadening Pattern at the bottom of 13 months correction .
4- Bullish 'W' formation in 122 sessions sideways market
As above mentioned 4 base formation therefore 1075 Nifty points forceful strong rally was seen after 20-12-2011. All trends are up Now and continuation of rally is expected. 1st impulsive Wave of rally is on and that whole Bullish story will be written in 2012 about which we told in following topic on 02-12 2011:-
We told exactly following lines in above topic. Just click above topic Link and verify on yours own:-
1- Fast rally toward all time high
2- New all time highs in 2012
3- Those higher levels which were considered in Jan 2008 and Jan 2011.
Although tough to accept above mentioned possibilities at this moment amid most bearish and uncertain global sentiments but we are seeing high possibility of new historical highs in 2012 because Indian markets are reversing after completion of long term correction also.
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Technical Patterns and Formations in EOD charts
1- More than 13 months corrective wave and reversal in 13th Fibonacci number month.
2- Strong base formation in 122 Sessions side ways market between 4720-5229
3- Trend Reversal Broadening Pattern at the bottom of 13 months correction .
4- Bullish 'W' formation in 122 sessions sideways market
Conclusions from EOD chart analysis
As above mentioned 4 base formation therefore 1075 Nifty points forceful strong rally was seen after 20-12-2011. All trends are up Now and continuation of rally is expected. 1st impulsive Wave of rally is on and that whole Bullish story will be written in 2012 about which we told in following topic on 02-12 2011:-
We told exactly following lines in above topic. Just click above topic Link and verify on yours own:-
1- Fast rally toward all time high
2- New all time highs in 2012
3- Those higher levels which were considered in Jan 2008 and Jan 2011.
Although tough to accept above mentioned possibilities at this moment amid most bearish and uncertain global sentiments but we are seeing high possibility of new historical highs in 2012 because Indian markets are reversing after completion of long term correction also.