Nifty-EOD Chart (12-Jul-2013):-
Technical Patterns and Formations in EOD charts
1- 4531.15 on 20-12-2011(Rally beginning after 13 Months correction completion)
2- Wave-1(5629.95 on 22-02-2012)
3- Wave-2(4770.35 on 04-06-2012)
4- Wave-3(6111.80 on 29-01-2013)
5- Wave-4(5477.20 on 10-04-2012)
6- Wave-5(6229.45 on 20-05-2013) and 'ABC' correction continuation.
7- Wave'A' completion at 5566.25 on 24-06-2013
7- Wave'B' continuation with top formation at 6019.00 on 12-07-2013
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 24-05-2012)
3- Wave 2(6133.75 on 30-05-2012)
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 01-07-2013)
8- Wave-b of Wave-B(5760.40 on 03-07-2013)
9- Wave-c of Wave-B continuation with top formation at 6019.00 on 12-07-2013
Nifty-EOD Chart (12-Jul-2013):-
Technical Patterns and Formations in EOD charts
1- Wave-5 top formation at 6229.45 on 20-05-2013 and corrective Wave-A continuation
2- 5566.25 on 24-06-2013 and corrective Wave-A completion after 5 Waves completion
3- Wave-a of Wave-B(5904.35 on 01-07-2013)
4- Wave-b of Wave-B(5760.40 on 03-07-2013)
5-61.8% Fibonacci Retracement completion 5975
6-76.4% Fibonacci Retracement at 6072
7- Wave-c of Wave-B continuation with top formation at 6019.00 on 12-07-2013
As 'ABC' correction begun after 5 waves of Bullish market completion at 6229.45 on 20-05-2013 therefore the correction of whole up moves started which started 4531.15 on 20-12-2011. Corrective Wave-A completed at 5566.25 on 24-06-2013 and Wave-B begun. All trends are up and technically 'ABC' correction is on,now impulsive Wave-c of Wave-B continuation and its recent top formation at 6019.00 on 12-07-2013. 61.8% Retracement(5975) has been completed and crucial 76.4% retracement levels is at 6072,expected that Nifty will firstly trade and prepare for next trend between both crucial retracement levels(5975-6072).
Wave-c of Wave-B is on and after its completion corrective Wave-C down moves possibility towards Wave-A(5566.25) and below it should be kept in mind but firstly complete Distribution patterns are required on Daily and intraday charts for corrective Wave-C down moves beginning. As no selling patterns formation seen yet therefore firstly trading patterns between mentioned crucial retracement levels(5975-6072) should be watched in the coming sessions. As intraday charts formations in previous week were news based(FOMC Minutes and INFY Results) therefore final conclusions can not be drawn and follow up technical patterns formations will be firstly watched in the beginning of coming week for next trend first signal and/or confirmations. It should be kept in mind that follow up selling patterns formations on intraday and daily charts will mean high possibility of corrective Wave-C beginning and should be firstly watched in the beginning of next week.
 |
| Just click on chart for its enlarged view |
1- 4531.15 on 20-12-2011(Rally beginning after 13 Months correction completion)
2- Wave-1(5629.95 on 22-02-2012)
3- Wave-2(4770.35 on 04-06-2012)
4- Wave-3(6111.80 on 29-01-2013)
5- Wave-4(5477.20 on 10-04-2012)
6- Wave-5(6229.45 on 20-05-2013) and 'ABC' correction continuation.
7- Wave'A' completion at 5566.25 on 24-06-2013
7- Wave'B' continuation with top formation at 6019.00 on 12-07-2013
Waves structure of ongoing correction
Nifty-EOD Chart (12-Jul-2013):- |
| Just click on chart for its enlarged view |
1- Wave-5 top formation at 6229.45 on 20-05-2013 and 5 waves correction continuation
2- Wave 1(5936.80 on 24-05-2012)
3- Wave 2(6133.75 on 30-05-2012)
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 01-07-2013)
8- Wave-b of Wave-B(5760.40 on 03-07-2013)
9- Wave-c of Wave-B continuation with top formation at 6019.00 on 12-07-2013
Crucial Retracement Levels
Nifty-EOD Chart (12-Jul-2013):-
 |
| Just click on chart for its enlarged view |
1- Wave-5 top formation at 6229.45 on 20-05-2013 and corrective Wave-A continuation
2- 5566.25 on 24-06-2013 and corrective Wave-A completion after 5 Waves completion
3- Wave-a of Wave-B(5904.35 on 01-07-2013)
4- Wave-b of Wave-B(5760.40 on 03-07-2013)
5-61.8% Fibonacci Retracement completion 5975
6-76.4% Fibonacci Retracement at 6072
7- Wave-c of Wave-B continuation with top formation at 6019.00 on 12-07-2013
Conclusions (After Putting All Indicators Together)
As 'ABC' correction begun after 5 waves of Bullish market completion at 6229.45 on 20-05-2013 therefore the correction of whole up moves started which started 4531.15 on 20-12-2011. Corrective Wave-A completed at 5566.25 on 24-06-2013 and Wave-B begun. All trends are up and technically 'ABC' correction is on,now impulsive Wave-c of Wave-B continuation and its recent top formation at 6019.00 on 12-07-2013. 61.8% Retracement(5975) has been completed and crucial 76.4% retracement levels is at 6072,expected that Nifty will firstly trade and prepare for next trend between both crucial retracement levels(5975-6072).
Wave-c of Wave-B is on and after its completion corrective Wave-C down moves possibility towards Wave-A(5566.25) and below it should be kept in mind but firstly complete Distribution patterns are required on Daily and intraday charts for corrective Wave-C down moves beginning. As no selling patterns formation seen yet therefore firstly trading patterns between mentioned crucial retracement levels(5975-6072) should be watched in the coming sessions. As intraday charts formations in previous week were news based(FOMC Minutes and INFY Results) therefore final conclusions can not be drawn and follow up technical patterns formations will be firstly watched in the beginning of coming week for next trend first signal and/or confirmations. It should be kept in mind that follow up selling patterns formations on intraday and daily charts will mean high possibility of corrective Wave-C beginning and should be firstly watched in the beginning of next week.