Nifty-EOD Chart (30-Jul-2013):-
Technical Patterns and Formations in EOD charts
1- 4531.15 on 20-12-2011(Rally beginning after 13 Months correction completion)
2- 6229.45 on 20-05-2013(Rally completion after 5 Waves completion and 'ABC' correction continuation.
3- Long Term Trend decider 200-Day EMA(5792) broken down on 30-07-2013.
Whole rally from 4531.15 to 6229.45 and its correction with Waves structure was updated on 29-07-2013 in "Last hope for Bulls at 5792" and Following lines were also told:-
1- Long Term Trend decider 200-Day EMA is at 5792 and previous closing is well above it at 5886.20 on 26-07-2013 therefore Long Term Trend is up but corrective Wave-c continuation and Short Term Trend is down as well as Intermediate Term Trend will be down after closing below 5888.
2- As 'ABC' correction begun after 5 waves of Bullish market completion at 6229.45 on 20-05-2013 therefore correction of whole up moves will be seen which started from 4531.15 on 20-12-2011.
Nifty closed below Long Term Trend decider 200-Day EMA(5792) yesterday and sustaining below it will mean entering into Bearish phase as well as its possibility is high now. As correction of whole rally between 4531.15-6229.45 is expected therefore following retracement should be kept in mind:-
13.0%-6008(Retraced)
23.6%-5828(Retraced)
27.0%-5770(Retraced)
38.2%-5580(Crucial Level)
50.0%-5380(Crucial Level)
61.8%-5179(Crucial Level)
70.7%-5028
76.4%-4931
78.6%-4894
88.6%-4724
Correction continuation and Bounce Back/Pull Back Rally may be seen after some intraday supports or minor consolidations but until complete consolidation on Daily charts will not happen till then its completion will not be considered.
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1- 4531.15 on 20-12-2011(Rally beginning after 13 Months correction completion)
2- 6229.45 on 20-05-2013(Rally completion after 5 Waves completion and 'ABC' correction continuation.
3- Long Term Trend decider 200-Day EMA(5792) broken down on 30-07-2013.
Conclusions from EOD chart analysis
Whole rally from 4531.15 to 6229.45 and its correction with Waves structure was updated on 29-07-2013 in "Last hope for Bulls at 5792" and Following lines were also told:-
1- Long Term Trend decider 200-Day EMA is at 5792 and previous closing is well above it at 5886.20 on 26-07-2013 therefore Long Term Trend is up but corrective Wave-c continuation and Short Term Trend is down as well as Intermediate Term Trend will be down after closing below 5888.
2- As 'ABC' correction begun after 5 waves of Bullish market completion at 6229.45 on 20-05-2013 therefore correction of whole up moves will be seen which started from 4531.15 on 20-12-2011.
Nifty closed below Long Term Trend decider 200-Day EMA(5792) yesterday and sustaining below it will mean entering into Bearish phase as well as its possibility is high now. As correction of whole rally between 4531.15-6229.45 is expected therefore following retracement should be kept in mind:-
13.0%-6008(Retraced)
23.6%-5828(Retraced)
27.0%-5770(Retraced)
38.2%-5580(Crucial Level)
50.0%-5380(Crucial Level)
61.8%-5179(Crucial Level)
70.7%-5028
76.4%-4931
78.6%-4894
88.6%-4724
Correction continuation and Bounce Back/Pull Back Rally may be seen after some intraday supports or minor consolidations but until complete consolidation on Daily charts will not happen till then its completion will not be considered.
Now corrective Wave-C continuation therefore down moves are expected after development of follow up selling. Let down moves stop at near about above mentioned levels and complete consolidation develop then correction completion will be considered otherwise correction is very much on.