Firstly watch 2 levels for next trend confirmations
Technical Analysis,Research & Weekly Outlook
(Nov 09 to Nov 13,2020)
Nifty-EOD Chart Analysis
(Corrective Waves)
Nifty-EOD Chart (06-Nov-2020):-
Technical Patterns and Formations in EOD charts
1- Impulsive Wave-5 completion after new life time high formation at 12430.50 on 20-01-2020 and Wave-A of "corrective ABC Waves" beginning
2- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning
3- Wave-B continuation with recent top formation at 12280.40 on 06-11-2020
Conclusions from EOD chart analysis
(Corrective Waves)
Impulsive Wave-5 completed after new life time high formation at 12430.50 on 20-01-2020 and Wave-A of "corrective ABC Waves" begun. Corrective Wave-A completed at 7511.10 on 24-03-2020 and Wave-B started which is in continuation and no confirmation of its completion yet.
As Wave-B recent top formation at 12280.40 last Friday and closing was just below it at 12263.55 which is little below life time highest and top of Wave-A(12430.50) therefore firstly moving above 12430.50 should be watched in the coming sessions because once moving above it will mean recounting of Waves will have to be done as per Elliott Wave theory.
Nifty-EOD Chart Analysis
(Wave-B structure & Stochastic)
Nifty-EOD Chart (06-Nov-2020):-
Technical Patterns and Formations in EOD charts
1- Corrective Wave-A completion at 7511.10 on 24-03-2020 and Wave-B beginning
2- Wave-1 (9889.05 on 30-04-2020)
3- Wave-2 (8806.75 on 18-05-2020)
4- Wave-3 (11794.30 on 31-08-2020)
5- Wave-4 (10790.20 on 24-09-2020)
6- Wave-5 of Wave-B continuation with recent top formation at 12280.40 on 06-11-2020
7- Stochastic %K(5) is at 96.83 & %D(3) is at 83.67
Conclusions from EOD chart analysis
(Wave-B structure & Stochastic)
Wave-5 of Wave-B continuation with recent top formation at 12280.40 on 06-11-2020 and no indication of its completion yet. As Short Term Indicator Stochastic has become Overbought therefore first signal of short Term correction but Intraday charts have not shown complete selling patterns hence if fresh selling patterns develops and Nifty sustains below last Friday highest(12280.40) only then Short Term Correction will be considered.
Nifty-Last 24 Sessions
intraday charts analysis
Nifty-Intra Day Chart (Oct 06 to Nov 06,2020):-
Technical Patterns formation in last 24 Sessions intraday charts
1- 22 Sessions sideways trading between 11536-12025
2- 22 Sessions trading range broken out on 05-11-2020
3- 24 Sessions actual trading between 11536-12280
Conclusions from 24 Sessions
intra day chart analysis
22 Sessions sideways trading between 11536-12025 and this range was broken out forcefully through gap up opening on 05-11-2020 and Nifty sustained above it in last 2 sessions which is a strong indication of 22 sessions range valid break out and resultant decisive up moves will be considered.
Nifty-Intra Day Chart Analysis
(06-Nov-2020)
Nifty-Intra Day Chart (06-Nov-2020):-
Technical Patterns formation in today intraday charts
1- Up moves in Bearish Rising Channels
2- Up moves with downward corrections
3- Whole day actual trading between 12132-12280
Conclusions from intra day chart analysis
Although up moves were in Bearish Rising Channels but intraday consolidation was also seen through downward corrections and last Friday closing was at the top of on going rally therefore more up moves can not be ruled out in the beginning of next week. Let Nifty sustain above last Friday highest(12280.40) then decisive up moves will be seen towards life time highest(12430.50).
Conclusions (After Putting All Studies Together)
All trends are up,Wave-5 of Wave-B continuation and no indication of its completion yet.
Life time highest/top of Wave-A is at 12430.50 and last Friday highest was at 12280.40 which is little below it. Once moving above it will mean Waves will have to be recounted according to Elliott Wave theory which should be firstly watched in the coming sessions because it will completely change Nifty Outlook.
As 22 Sessions sideways trading range(11536-12025) forcefully broken out in previous week and strong indications of sustaining above it also therefore more up moves will be seen in next week because intraday consolidation patterns also developed last Friday.
Short term indicator Stochastic has moved into overbought zone but negative divergence and downward cross over is not seen yet therefore view will be cautiously Bullish.
As both more up moves and Short Term correction indications therefore firstly sustaining beyond 12025 should be firstly watched in the coming weeks. Once moving above 12430.50 will mean on going rally continuation with revised upward targets according to Elliott Wave theory waves recounting. As these 2 levels will confirm next trend therefore should be firstly watched in the coming weeks