Valid Break out of 8477-8654 will Confirm the Fate on going Correction
Technical Analysis,Research & Weekly Outlook
(Oct 17 to Oct 21,2016)
Nifty-EOD Chart (14-Oct-2016):-
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1- Impulsive Wave-1 beginning after bottom formation at 6825.80 on 29-02-2016
2- Wave-1(7992 on 28-04-2016)
3- Wave-2(7678.35 on 06-05-2016)
4- Wave-i of Wave-3(8294.95 on 07-06-2016)
5- Wave-ii of Wave-3(7927.05 on 24-06-2016)
6- Wave-iii of Wave-3(8968.70 on 07-09-2016)
7- Corrective Wave-iv of Wave-3 continuation with recent bottom formation at 8541.40 on 13-10-2016
64 Sessions Range bound market between
8477-8968
8477-8968
Nifty-EOD Chart (14-Oct-2016):-
 |
| Just click on chart for its enlarged view |
1- Impulsive Wave-1 beginning after bottom formation at 6825.80 on 29-02-2016
2- Wave-iii of Wave-3 completion at 8968.70 on 07-09-2016
3- 64 Sessions Range bound market between 8477-8968 with recent bottom formation at 8541.40 on 13-10-2016
Fibonacci Retracement levels of Wave-iii of
Wave-3(7927-8968)
Wave-3(7927-8968)
Nifty-EOD Chart (14-Oct-2016):-
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| Just click on chart for its enlarged view |
Conclusions (After Putting All Studies Together)
Trends of Nifty are as follows:-
1- Long Term Trend is up.
2- Intermediate Term Trend is up and will be down below 8477.
3- Short Term Trend down.
Next resistances of Nifty are as follows:-
1- 8605-8654
2- 8698-8728
3- 8770-8793
4- 8854-8873
5- 8874-8902
6- 8935-8956
Next supports of Nifty are as follows:-
1- 8477-8580(Multiple and strong supports)
2- 8297-8343
3- 8083-8147
4- 7964-8000
Fibonacci Retracement levels of Wave-iii of Wave-3(7927-8968) are as follows:-
1- 13.0%- 8832
2- 23.6%- 8722
3- 27.0%- 8686
4- 38.2%- 8570(Crucial)
5- 50.0%- 8447(Crucial)
6- 61.8%- 8324(Crucial)
7- 70.7%- 8232
8- 76.4%- 8172
9- 78.6%- 8149
10-88.6%- 8045
supports between 8477-8580 were updated many times in previous Outlooks and Nifty traded more than 5 hours within it in last 2 sessions as well as closed just above it at 8583.40 last Friday. Certainly correction of Wave-iv of Wave-3 is very much on and no confirmation of its completion yet and its 38.2% retracement has been completed with recent bottom formations at 8541.40 on 13-10-2016.
As multiple supports are between 8477-8580 therefore fresh selling is firstly required for sustaining below 8477 but on the other hand complete consolidation is also must for sustaining above 8580 because multiple resistances are also lying just above it.
As 64 Sessions Range bound market between 8477-8968 and next supports below 8477 are at 8343 therefore this big range valid broken down confirmation will mean high possibility of steep fall towards and below 8343 but expected that Nifty will firstly trade and prepare for next decisive big moves within 8477-8654 and valid break out of this range will confirm the fate on going correction which should be firstly watched in the coming week.