Nifty-EOD Chart(13-Apr-2012):-
Technical Patterns and Formations in EOD charts
1- 1st impulsive wave begun on 27-10-2008 from 2252.
2- 2nd corrective wave begun on 12-06-2009 from 4693.
3- 3rd impulsive wave begun on 13-07-2009 from 3919.
4- Corrective 4th beginning in Falling Channel(14 Months long) on 05-11-2010 from 6338.
5- 5th impulsive wave begun on 20-12-2011 from 4532(Bottom in 13th month).
6- 14 Months Falling Channel final break out on 31-01-2012.
7- 5th wave gained 1098.80 Nifty Points in 45 sessions upto 22-02-2012
8- Corrective Sub Wave-1 beginning in Falling Channel from 22-02-2012.
9- Correction recent bottom at 5136 on 29-03-2012.
5th impulsive wave is on from 4532 after forming bottom in corrective 13th month on 20-12-2011 and its confirmation through break out of 14 months falling channel(Bullish Flag Pattern) on 31-01-2012. 5th wave gained 1098.80 Nifty Points in 45 sessions and after that corrective Sub Wave-1 beginning in Falling Channel(Bullish Flag Pattern) from 22-02-2012. Correction is on after formation of its recent bottom at 5136 on 29-03-2012 but no confirmation of its completion yet.
As on going correction is continued in falling channel(Bullish Flag Pattern) therefore technically strong indications of Bullish rally after completion of correction. Expected that finally Bullish Flag Pattern will result in the same manner as has been seen after correction completion on 20-12-2011 at 4532 and Nifty gained 1098.80 Points in 45 sessions.
Correction is on and possible lower levels will be updated within 24 hours. Just wait for on going correction completion confirmations and then expect blasting Bullish moves.
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1- 1st impulsive wave begun on 27-10-2008 from 2252.
2- 2nd corrective wave begun on 12-06-2009 from 4693.
3- 3rd impulsive wave begun on 13-07-2009 from 3919.
4- Corrective 4th beginning in Falling Channel(14 Months long) on 05-11-2010 from 6338.
5- 5th impulsive wave begun on 20-12-2011 from 4532(Bottom in 13th month).
6- 14 Months Falling Channel final break out on 31-01-2012.
7- 5th wave gained 1098.80 Nifty Points in 45 sessions upto 22-02-2012
8- Corrective Sub Wave-1 beginning in Falling Channel from 22-02-2012.
9- Correction recent bottom at 5136 on 29-03-2012.
Conclusions from EOD chart analysis
5th impulsive wave is on from 4532 after forming bottom in corrective 13th month on 20-12-2011 and its confirmation through break out of 14 months falling channel(Bullish Flag Pattern) on 31-01-2012. 5th wave gained 1098.80 Nifty Points in 45 sessions and after that corrective Sub Wave-1 beginning in Falling Channel(Bullish Flag Pattern) from 22-02-2012. Correction is on after formation of its recent bottom at 5136 on 29-03-2012 but no confirmation of its completion yet.
As on going correction is continued in falling channel(Bullish Flag Pattern) therefore technically strong indications of Bullish rally after completion of correction. Expected that finally Bullish Flag Pattern will result in the same manner as has been seen after correction completion on 20-12-2011 at 4532 and Nifty gained 1098.80 Points in 45 sessions.
Correction is on and possible lower levels will be updated within 24 hours. Just wait for on going correction completion confirmations and then expect blasting Bullish moves.