Head and Shoulders Pattern's neckline(8321.75) will decide Correction Life
Technical Analysis and Market Outlook
(13-08-2015)
Nifty-EOD Chart (12-Aug-2015):- |
| Just click on chart for its enlarged view |
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
Following lines were told on 08-08-2015 in "Short Term correction Possibility in Next Week':-
signals of Bearish Head and Shoulders Pattern formations beginning with its neckline near about 8321.75
As soon as signals of Bearish Head and Shoulders Pattern emerged then it was updated in above lines on 08-08-2015 and it was seen in last 3 sessions with bottom formation at 8337.95 today which is just above its neckline(8321.75)
Valid break down on neckline(8321.75) will be deeper correction confirmation and should be firstly watched in the coming sessions amid crashing all Global markets after China currency(Yuan) surprise devaluation. It seems the Global markets are over reacting devaluation news and Indian markets today down moves were only Global markets reaction therefore firstly sustaining beyond 8321.75 should be firstly watched in the coming sessions.