Nifty-EOD Chart (18-Jul-2013):-
Technical Patterns and Formations in EOD charts
1- Wave-5 top formation at 6229.45 on 20-05-2013 and 5 waves correction continuation
2- Wave 1(5936.80 on 24-05-2013)
3- Wave 2(6133.75 on 30-05-2013)
4- Wave 3(5683.10 on 13-06-2013)
5- Wave 4(5863.40 on 13-06-2013)
6- 5566.25 on 24-06-2013 and corrective Wave-A completion.
7- Wave-a of Wave-B(5904.35 on 19-07-2013)
8- Wave-b of Wave-B(5760.40 on 03-07-2013)
9- Wave-c of Wave-B continuation with top formation at 6051.10 on 19-07-2013
As US Futures were weak yesterday therefore all Asian markets were weak and European markets also opened in Red but sudden jump seen in all European and Indian markets after sudden surge in US Futures yesterday. Although US markets closed with good gains yesterday but Dow's Futures is trading is 50 points down today morning and most Asian markets are trading in Red today morning as well as SGX Nifty also traded 29 points down today morning.
Wave-B 18 sessions with high volatility,gap down and gap up opening from FOMC news and most fluctuating cues from US markets/Futures as well as new top formation yesterday. Next resistances are as follows:-
1- 6040-6061
2- 6072-6130(Strong resistance range)
Although complete selling patterns are required on daily and intraday charts for the beginning of Wave-c after Wave-B completion but highly volatile last 18 sessions of Wave-B. Nifty traded between first resistance range yesterday and but 2nd resistance range is strong. As 76.4% retracement level is at 6072 therefore sustaining it beyond should be watched today and in the coming sessions for continuation/completion of Wave-c of Wave-B.
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1- Wave-5 top formation at 6229.45 on 20-05-2013 and 5 waves correction continuation
2- Wave 1(5936.80 on 24-05-2013)
3- Wave 2(6133.75 on 30-05-2013)
4- Wave 3(5683.10 on 13-06-2013)
5- Wave 4(5863.40 on 13-06-2013)
6- 5566.25 on 24-06-2013 and corrective Wave-A completion.
7- Wave-a of Wave-B(5904.35 on 19-07-2013)
8- Wave-b of Wave-B(5760.40 on 03-07-2013)
9- Wave-c of Wave-B continuation with top formation at 6051.10 on 19-07-2013
Conclusions from EOD chart analysis
As US Futures were weak yesterday therefore all Asian markets were weak and European markets also opened in Red but sudden jump seen in all European and Indian markets after sudden surge in US Futures yesterday. Although US markets closed with good gains yesterday but Dow's Futures is trading is 50 points down today morning and most Asian markets are trading in Red today morning as well as SGX Nifty also traded 29 points down today morning.
Wave-B 18 sessions with high volatility,gap down and gap up opening from FOMC news and most fluctuating cues from US markets/Futures as well as new top formation yesterday. Next resistances are as follows:-
1- 6040-6061
2- 6072-6130(Strong resistance range)
Although complete selling patterns are required on daily and intraday charts for the beginning of Wave-c after Wave-B completion but highly volatile last 18 sessions of Wave-B. Nifty traded between first resistance range yesterday and but 2nd resistance range is strong. As 76.4% retracement level is at 6072 therefore sustaining it beyond should be watched today and in the coming sessions for continuation/completion of Wave-c of Wave-B.