Nifty-Intra Day Chart (30-Jan-2014):-
Technical Patterns and Formations in today intraday charts
1- Firstly huge gap down opening after FOMC tapering decision.
2- Down moves in Bullish Falling Channel.
3- Sharp up in last hour.
3- Whole day actual trading between 6027-6082
All the Asian markets moved into deep Red after the tapering decision of FOMC yesterday therefore gap down opening in Indian markets and more than 5 hours continuous down moves but in Bullish Falling Channel therefore sharp up moves in last hour.
Long Term Trend decider 200-Day EMA is today at 5999 and consolidation pattern of Bullish Falling Channel seen just above it today which is a strong signal of supports. Follow up moves and sustaining beyond today lowest(6027) as well as 200-Day EMA(5999) should be watched for the survival of Long Term Trend.
Finally sustaining above 200-Day EMA after follow up consolidation will mean Wave-3 correction completion and should be firstly watched in the coming sessions because sustaining below 200-Day EMA will mean breaking down of Waves structure and resultant exercise of Waves recounting.
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1- Firstly huge gap down opening after FOMC tapering decision.
2- Down moves in Bullish Falling Channel.
3- Sharp up in last hour.
3- Whole day actual trading between 6027-6082
Conclusions from intra day chart analysis
All the Asian markets moved into deep Red after the tapering decision of FOMC yesterday therefore gap down opening in Indian markets and more than 5 hours continuous down moves but in Bullish Falling Channel therefore sharp up moves in last hour.
Long Term Trend decider 200-Day EMA is today at 5999 and consolidation pattern of Bullish Falling Channel seen just above it today which is a strong signal of supports. Follow up moves and sustaining beyond today lowest(6027) as well as 200-Day EMA(5999) should be watched for the survival of Long Term Trend.
Finally sustaining above 200-Day EMA after follow up consolidation will mean Wave-3 correction completion and should be firstly watched in the coming sessions because sustaining below 200-Day EMA will mean breaking down of Waves structure and resultant exercise of Waves recounting.
At present only correction is being understood and expected that it will finally complete near about 200-Day EMA.