Remain cautious amid Wave-B rally continuation expectations
Technical Analysis,Research & Weekly Outlook
(Oct 22 to Oct 25,2019)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (18-Oct-2019):- |
| Just click on chart for its enlarged view |
1- Impulsive Wave-1 beginning from 6825.80 on 29-02-2016 after 1 financial year(2015-16) correction completion.
2- Impulsive Wave-1 completion at 8968.70 on 07-09-2016 and corrective Wave-2 beginning
3- Corrective Wave-2 completion at 7893.80 on 26-12-2016 and impulsive Wave-3 beginning
4- Impulsive Wave-3 completion at 11760.20 on 28-08-2018 and corrective Wave-4 beginning
5- Corrective Wave-4 completion at 10004.55 on 26-10-2018 and impulsive Wave-5 beginning
6- Impulsive Wave-5 completion after life time top formation at 12103.00 on 03-06-2019 and corrective Wave-A beginning
7- Corrective Wave-A completion at 10637.15 on 23-08-2019
8- Wave-B continuation with recent top formations at 11694.85 on 23-09-2019
Conclusions from EOD chart analysis
All the trends have turned up after previous week rally which closed at the top of Wave-B last Friday. Next resistances above last Friday highest(11684.70) are between 11936-11976 therefore Wave-B rally continuation towards it will be expected.
It should be kept in mind that Short Term indicators have also turned overbought after previous week rally and Short Term correction may begin any day therefore remain cautious in next week.