Finally correction continuation towards 7104/6761
Technical Analysis,Research & Weekly Outlook
(Sep 14 to Sep 18,2015)
Nifty-EOD Chart (11-Sep-2015):- |
| Just click on chart for its enlarged view |
1- Wave-5 completion at 9119.20 on 04-03-2015 and Wave-A of 'ABC' correction beginning after life time high formation)
2- Wave-1 of Wave-A(8269.15 on 27-03-2015)
3- Wave-2 of Wave-A(8844.40 on 15-04-2015)
4- Wave-3 of Wave-A(7997.15 on 07-05-2015)
5- Wave-4 of Wave-A(8489.55 on 22-05-2015)
6- Wave-5 of corrective Wave-A completion(7940.30 on 12-06-2015)
7- Wave-B completion and corrective Wave-C beginning(8654.75 on 23-07-2015)
8- Wave-1 of Wave-C(7667.25 on 25-08-2015)
9- Wave-2 of Wave-C(8091.80 on 28-08-2015)
10- Wave-3 of Wave-C(7545.90 on 07-09-2015)
11- Pull back rally continuation with recent top formation at 7864.85
Conclusions from EOD chart analysis
Corrective Wave-3 of Wave-C continuation with recent bottom formations at 7545.90 on 07-09-2015 and after that Pull back rally beginning in previous week which is on and no confirmation of its completion yet.
Bearish Head and Shoulders Pattern formations
Nifty-EOD Chart (11-Sep-2015):-
 |
| Just click on chart for its enlarged view |
1- Huge 10 months Bearish Head and Shoulders Pattern formations between 22-08-2014 and 21-08-2015 with its neckline at 7940
2- Neckline broken down on 01-09-2015 and its broken down confirmations through last 9 sessions closing below it
3- Distance between Head and Neckline is 1179 points
Conclusions from EOD chart analysis
Bearish Head and Shoulders huge Pattern formation in 10 months and its broken down confirmation through last 9 sessions closing below it therefore emergence of more down moves possibilities towards next target(6761) according to following calculations:-
Distance between Head and Neckline is: 1179=9119(Head)-7940(Neckline)
Technically Nifty should move down 1179 from Neckline after its broken down confirmation therefore next target of Nifty is at 6761:
6761=7940(Neckline)-1179(Distance)
Conclusions (After Putting All Studies Together)
Detailed analysis with all levels have been updated in previous week analysis following topic on 06-09-2015:-
(Just click above topic link and go through detailed analysis)
As Pull back rally is on and no confirmation of its completion yet therefore its continuation possibility can not be ruled out in the beginning of next week but next resistance are lying just above on going Pull back rally highest:-
1- 7865-7881
2- 7894-7926
3- 7929-7948(Gap Resistance)
Once failing to cross above resistances will mean on going Wave-C correction continuation towards and below the lowest of on going correction(7545.90). Expected that on going Pull back rally will fuse near about mentioned resistances and finally correction will remain continued towards 7104/6761.