More than 3% Short Term correction
on cards
on cards
Technical Analysis,Research & Weekly Outlook
(Dec 23 to Dec 27,2019)
Nifty-EOD Chart Analysis
(Waves 5th structure)
Nifty-EOD Chart (20-Dec-2019):- |
| Just click on chart for its enlarged view |
1- Impulsive Wave-i of Wave-5 beginning at 10004.55 on 26-10-2018 after Wave-4 completion
2- Wave-i of Wave-5 completion at 12103.00 on 03-06-2019 and corrective Wave-ii beginning
3- Corrective Wave-ii of Wave-5 completion at 10637.10 on 23-08-2019 and impulsive Wave-iii beginning
4- Impulsive Wave-iii of Wave-5 continuation with recent top formations at 12293.90 on 20-12-2019
Nifty-Last 2 Sessions intraday
charts analysis
Nifty-Intra Day Chart (Dec 19 & Dec 20,2019) |
| Just click on chart for its enlarged view |
1- Whole day Up moves in Bearish Rising Channels on 19-12-2019
2- Most time selling between 12266-12293 on 20-12-2019
3- 2 Sessions actual trading between 12192-12293
Conclusions from EOD chart analysis
All the trends are up and impulsive Wave-iii of Wave-5 continuation with recent top formations at 12293.90 on 20-12-2019 and on EOD charts no confirmation of its completion yet.
Conclusions from 2 Sessions intra day chart analysis
Although last 2 sessions positive closing was at life time highest with 50 points gains also but clear selling patterns formations were seen in both previous sessions therefore emergence of Short Term Correction possibility below last 2 sessions lowest(12192) in the beginning of next week.
Conclusions (After Putting All Studies Together)
Bullish rally is very much on with continuous new life time highest formations but Short Term indicators have turned overbought and last 2 sessions intraday charts are showing sufficiently good selling patterns formations also therefore Short Term correction will be seen in the beginning of next week which may result Nifty slipping more than 3% downwards.