Finally Rally after follow up consolidation within 33 sessions Trading Range
Technical Analysis,Research & Weekly Outlook
(Aug 17 to Aug 21,2015)
Nifty-EOD Chart (14-Aug-2015):- |
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1- 5118.85 on 28-08-2013(Wave-1 beginning after 'ABC' correction completion)
2- Wave-1(6415.25 on 09-12-2013)
3- Wave-2(5933.30 on 04-02-2014)
4- Wave-3(8626.95 on 04-12-2014)
5- Wave-4(7961.35 on 17-12-2014)
6- Wave-5(9119.20 on 04-03-2015)(Correction beginning)
7- 7940.30 on 12-06-2015(Fresh Wave-i beginning after 5 Waves correction completion)
8- Wave-i(8654.75 on 23-07-2015)
9- Wave-ii(8321.75 on 28-07-2015)
10- Sideways market between 8316-8654 for the last 33 sessions
Conclusions from EOD chart analysis
That Wave-1 which started on 28-08-2013 from 5118.85 completed at 9119.20 on 04-03-2015 and after that its 5 waves correction started. Wave-5 of correction completed at 7940.30 on 12-06-2015 and Wave-i started after 5 waves correction completion. Now sideways market between 8316-8654 for the last 33 sessions after Wave-ii correction completion at 8321.75 on 28-07-2015.
Rally continuation after 5 waves correction completion
Nifty-EOD Chart (14-Aug-2015):-
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1- Wave-5(9119.20 on 04-03-2015)(Correction beginning)
2- Wave-1(8269.15 on 27-03-2015)
3- Wave-2(8844.40 on 15-04-2015)
4- Wave-3(7997.15 on 07-05-2015)
5- Wave-4(8489.55 on 22-05-2015)
6- Wave-5(7940.30 on 12-06-2015)(Fresh Wave-i beginning after 5 Waves correction completion)
7- Wave-i(8654.75 on 23-07-2015)
8- Wave-ii(8321.75 on 28-07-2015)
9- Sideways market between 8316-8654 for the last 33 sessions
Conclusions from EOD chart analysis
5 Waves correction begun after Wave-5 life time high formation at 9119.20 on 04-03-2015 which completed at 7940.30 on 12-06-2015 and fresh rally started which is in continuation after its 1st Short term correction completion 8321.75 on 28-07-2015 but sideways market between 8316-8654 for the last 33 sessions.
33 Sessions sideways market
Nifty-EOD Chart (14-Aug-2015):-
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| Just click on chart for its enlarged view |
1- 7940.30 on 12-06-2015(Fresh Wave-i beginning after 5 Waves correction completion)
2- Wave-i(8654.75 on 23-07-2015)
3- Wave-ii(8321.75 on 28-07-2015)
4- 33 Sessions sideways market between 8316-8654
Conclusions from EOD chart analysis
fresh rally started which is in continuation with recent top formation at 8654.75 on 23-07-2015 but sideways market between 8316-8654 for the last 33 sessions.
Bearish Head and Shoulders Pattern formations
Nifty-EOD Chart (14-Aug-2015):-
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1- Wave-1(7940.30 on 12-06-2015)(Fresh Wave-i beginning after 5 Waves correction completion)
2- Wave-i(8654.75 on 23-07-2015)
3- Wave-ii(8321.75 on 28-07-2015)
4- Bearish Head and Shoulders Pattern formations with its neckline at 8321.75
Conclusions from EOD chart analysis
33 Sessions sideways market with Bearish Head and Shoulders Pattern formations and its neckline at 8321.75. As valid break down of neckline(8321.75) will be deeper correction confirmation therefore should be firstly watched for confirmations.
Symmetrical triangle continuation pattern formations
Nifty-EOD Chart (14-Aug-2015):-
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1- Wave-1(7940.30 on 12-06-2015)(Fresh Wave-i beginning after 5 Waves correction completion)
2- Wave-i(8654.75 on 23-07-2015)
3- Wave-ii(8321.75 on 28-07-2015)
4- Symmetrical triangle continuation pattern formations
Conclusions from EOD chart analysis
33 Sessions sideways market with Symmetrical triangle continuation pattern formations which is suggesting that on going Bullish trend will remain continued because it is a continuation pattern but confirmation is must through valid break out of its upward falling line.
Intra Day Chart Analysis of last 8 Sessions intraday charts
Nifty-Intra Day Chart (Aug 05 to Aug 14,2015):-
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1- 4 Sessions selling between 8568-8621
2- 3 Sessions consolidation between 8339-8433
3- 8 Sessions actual trading between 8339-8621
Conclusions from 8 Sessions intra day chart analysis
Firstly sharp fall in the beginning of previous week after 4 sessions good selling but sharp surge in the last sessions of previous week also after 3 sessions good consolidation at lower levels therefore Nifty will be understood sideways between last 8 sessions actual trading range(8339-8621).
Conclusions (After Putting All Studies Together)
Trends of Nifty are as follows:-
1- Long Term Trend is up
2- Intermediate Term Trend is up
3- Short Term Trend is sideways between 8316-8654 for the last 33 Sessions
Fresh Rally continuation after 5 Waves correction completion at 7940.30 on 12-06-2015 with recent top formation at 8654.75 on 23-07-2015 and and now its correction is on with both following Bullish and Bearish patterns formations:-
1- Bearish Head and Shoulders Pattern formations
2- Symmetrical triangle continuation pattern formations
Both above patterns formations in last 33 sessions sideways market between 8316-8654 and finally sustaining beyond this range will give confirmations to next big Trend. Last 8 Sessions trading between 8339-8621 with both higher levels good selling and equally strong supports at lower levels therefore Nifty will not easily break last 8 sessions trading range and will trade as well as firstly prepare for next decisive moves within this range in the next 2/3 sessions.
Although precautionary 33 sessions trading range(8316-8654) break out confirmation is required but rally above 8654 is expected after follow up consolidation because Long and Intermediate Term Trends are up and lower levels very good consolidation was seen in previous months also.