Sustaining beyond crucial levels will confirm next decisive moves
Technical Analysis,Research & Weekly Outlook
(Sep 30 to Oct 04,2019)
Nifty-EOD Chart (27-Sep-2019):-
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| Just click on chart for its enlarged view |
Technical Patterns and Formations in EOD charts
1- Impulsive Wave-5 completion after life time top formation at 12103.00 on 03-06-2019 and corrective Wave-A of "ABC" correction beginning
2- Corrective Wave-A completion at 10637.15 on 23-08-2019 and Wave-B beginning
3- Wave-B continuation with recent top formations at 11694.90 on 20-09-2019
4- Last 5 sessions sideways trading between 11417-11694
Conclusions (After Putting All Studies Together)
All the trands are up because Nifty has also sustained above Long Term Trend decider 200-Day SMA(today at 112247) therefore Long Tern Trend turning up confirmation also.
Last 5 sessions sideways trading between 11417-11694 with lower levels supports and higher levels selling and at present Nifty is not prepared for sustaining beyond this range therefore Nifty will firstly trade and prepare in the coming week for next decisive moves beyond this range.
As per Eliot Wave Theory Wave-B is on and once sustaining above last 5 sessions highest(11694) will mean its continuation towards the top of Wave-5(12103.00). Until Nifty will not move above it(12103.00) till then "ABC" correction structure will remain alive and possibility of Wave-C slipping below the bottom of Wave-A(10637.15) can not be ruled out and sustaining below Last 5 sessions lowest(11417) will be first indication of Wave-C beginning.
As last 5 sessions trading range(11417-11694) has become crucial and sustaining it beyond should be firstly watch in next week for above mentioned decisive moves confirmations.
