Nifty-Intra Day Chart (Nov 19 & Nov 20,2012):-
Technical Patterns and Formations in last 2 Sessions intraday charts
1- Consolidation between 5550-5566 in last 2 sessions.
2- Selling between 5582-5602 today.
36 Sessions trading range(5583-5815) broken down on 16-11-2012 but its validity confirmation is required through sustaining below 5583. As moves below 5583 were not forceful therefore follow up selling below it was must but only today intraday charts showed selling while last 2 sessions intraday charts are signalling consolidation formations also.
Although last 3 sessions closing below 5583 but more follow up selling and sustaining below last 3 sessions lowest(5349) is also required because consolidation seen above it in last 2 sessions. As good selling and multiple resistances between 5583-5815 therefore complete consolidation is required for any decisive up move but follow up selling in the coming sessions will mean deeper correction.
It is confirm that huge fall will be seen after 36 Sessions trading range breaking down confirmation because that will be Wave-4 deeper correction confirmation and firstly it should be watched in the coming sessions through:-
1- Sustaining below 5549 or
2- Forceful breaking down of 5549.
As last 2 sessions most time trading between 5549-5602 with both higher levels selling and lower levels good consolidation also therefore follow up buying/selling and sustaining beyond mentioned range will mean:-
1- Sustaining below 5549 will mean sharp and deep down moves.
2- Sustaining above 5602 will mean reentering into 36 sessions range bound market but multiple strong resistances upto 5777 therefore up moves will be slow and after complete consolidation.
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1- Consolidation between 5550-5566 in last 2 sessions.
2- Selling between 5582-5602 today.
Conclusions from 2 Sessions intra day chart analysis
36 Sessions trading range(5583-5815) broken down on 16-11-2012 but its validity confirmation is required through sustaining below 5583. As moves below 5583 were not forceful therefore follow up selling below it was must but only today intraday charts showed selling while last 2 sessions intraday charts are signalling consolidation formations also.
Although last 3 sessions closing below 5583 but more follow up selling and sustaining below last 3 sessions lowest(5349) is also required because consolidation seen above it in last 2 sessions. As good selling and multiple resistances between 5583-5815 therefore complete consolidation is required for any decisive up move but follow up selling in the coming sessions will mean deeper correction.
It is confirm that huge fall will be seen after 36 Sessions trading range breaking down confirmation because that will be Wave-4 deeper correction confirmation and firstly it should be watched in the coming sessions through:-
1- Sustaining below 5549 or
2- Forceful breaking down of 5549.
As last 2 sessions most time trading between 5549-5602 with both higher levels selling and lower levels good consolidation also therefore follow up buying/selling and sustaining beyond mentioned range will mean:-
1- Sustaining below 5549 will mean sharp and deep down moves.
2- Sustaining above 5602 will mean reentering into 36 sessions range bound market but multiple strong resistances upto 5777 therefore up moves will be slow and after complete consolidation.