Nifty-EOD Chart (06-Dec-2013):-
Technical Patterns and Formations in EOD charts
1- Bottom formation at 5118.85 on 28-08-2013 and Wave-1 beginning
2- Wave-1(6142.50 on 19-09-2013)
3- Wave-2(5700.95 on 01-10-2013)
4- Wave-3(6342.95 on 03-11-2013 and 'ABC' correction beginning)
5- Wave-A(5972.45 on 13-11-2013)
6- Wave-B(6212.40 on 19-11-2013)
7- Wave-C(5972.80 on 22-11-2013)
8- Descending Triangle formations in last 23 sessions with top formation at 6342.95 and bottom formation at 5972.45.
Wave-3 continuation after 'ABC' correction completion but Descending Triangle formations in last 23 sessions with top formation at 6342.95 and bottom formation at 5972.45. As last 23 sessions trading were under the shadow of 5 states Assembly polls with both lower levels consolidations and higher levels selling therefore sustaining beyond 5972.45-6342.95 will be next trend confirmations and should be firstly watched in next sessions after BJP big victory in Election results today.
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1- Bottom formation at 5118.85 on 28-08-2013 and Wave-1 beginning
2- Wave-1(6142.50 on 19-09-2013)
3- Wave-2(5700.95 on 01-10-2013)
4- Wave-3(6342.95 on 03-11-2013 and 'ABC' correction beginning)
5- Wave-A(5972.45 on 13-11-2013)
6- Wave-B(6212.40 on 19-11-2013)
7- Wave-C(5972.80 on 22-11-2013)
8- Descending Triangle formations in last 23 sessions with top formation at 6342.95 and bottom formation at 5972.45.
Conclusions from EOD chart analysis
Wave-3 continuation after 'ABC' correction completion but Descending Triangle formations in last 23 sessions with top formation at 6342.95 and bottom formation at 5972.45. As last 23 sessions trading were under the shadow of 5 states Assembly polls with both lower levels consolidations and higher levels selling therefore sustaining beyond 5972.45-6342.95 will be next trend confirmations and should be firstly watched in next sessions after BJP big victory in Election results today.