"ABC" correction continuation
according to Fibonacci Retracement levels
Technical Analysis,Research & Weekly
Outlook(Nov 29 to Nov 03,2021)
Nifty-EOD Chart Analysis
(Waves structure)
Nifty-EOD Chart (26-Nov-2021):-
Technical Patterns and Formations in EOD charts
1- Corrective Wave-C completion and Impulsive Wave-1 beginning from 7511.10 on 24-03-2020
2- Impulsive Wave-1 completion at 11794.30 on 31-08-2020
3- Corrective Wave-2 completion at 10790.20 on 24-09-2020
4- Impulsive Wave-3 completion at 15431.8 on 16-02-2021
5- Corrective Wave-4 completion at 14151.4 on 22-04-2021
6- Impulsive Wave-5 completion after new life time top formation at 18604.50 on 19-10-2021
7- Correction continuation with recent bottom formations at 16985.70 on 26-11-2021
Conclusions from EOD chart analysis
(Waves structure)
Impulsive Wave-1 started from 7511.10 on 24-03-2020 remained continued till its 5th Wave completion at 18604.50 on 19-10-2021. As Wave-5 completed therefore "ABC" Correction of this wave started which is in continuation and no indication of its completion yet on EOD charts.
Nifty-EOD Chart Analysis
(Fibonacci retracement levels)
Nifty-EOD Chart (26-Nov-2021):-
Technical Patterns and Formations in EOD charts
1- Corrective Wave-C completion and Impulsive Wave-1 beginning from 7511.10 on 24-03-2020
2- Impulsive Wave-5 completion after new life time top formation at 18604.50 on 19-10-2021
3- Fibonacci Retracement levels from Wave-1 to Wave-5(7511.10-18604.50)
13.0%-17,162.40
23.6%-15,986.42
27.0%-15,609.30
38.2%-14,366.79(Crucial)
50.0%-13,057.77(Crucial)
61.8%-11,748.76(Crucial)
70.7%-10,761.50
76.4%-10,129.10
78.6%- 9,885.09
88.6%- 8,775.75
Conclusions from EOD chart analysis
(Fibonacci retracement levels
Waves structure which started from 7511.10 on 24-03-2020 through its Impulsive Wave-1 beginning had been completed after its Impulsive Wave-5 completion at 18604.50 on 19-10-2021. As "ABC" correction of this whole Waves structure(7511.10-18604.50) will be seen according to above mentioned Fibonacci Retracement levels therefore should be watched in the coming weeks and months for next Short to Long Term Trends confirmations.
Nifty-Intra Day Chart Analysis
(26-Nov-2021)
Nifty-Intra Day Chart (26-Nov-2021):-
Technical Patterns formation in today intraday charts
1- Selling between 17233-17355
2- Selling between 17132-17207
3- 100 Points sharp fall in last hour
4- Whole day actual trading between 16986-17355
Conclusions from intra day chart analysis
As higher levels good selling in last 3 sessions and Global markets were also too much depressed therefore firstly slipping after huge gap down opening and after that continuous selling developed till 03:00 PM hence 100 Points sharp fall was seen in last hour as well as closing was at the lower levels of the day.
Certainly good intraday selling developed last Friday therefore correction continuation is expected in next week also.
Conclusions(After putting
all studies together)
1- Long Term Trend is up.
2- Intermediate Term Trend is down
3- Short Term Trend is down.
"ABC" correction of whole waves structure from 7511.10 to 18604.50 is very much on and no indication of its completion yet on EOD and intraday charts therefore correction continuation is expected towards following supports in the coming weeks/months.
1-16852-16885
2-16722-16764(Gap support)
3-16590-16685(Strong supports)
Resistances above last Friday closing are as follows:-
1-17132-17207
2-17233-17355
3-17509-17600
Following lines were told in previous week weekly Outlook on 20-11-2021 in "17453 will confirm deeper correction beginning or correction completion first indication":-
Correction continuation is expected towards 17453 in next week and firstly sustaining it beyond should be watched in next week for deeper correction beginning below it or on going correction completion first indication above it.
Importance of 17453 was clearly told and Nifty hovered it around in first 4 sessions of previous week and then finally deeper 509 Points(2.91%) correction was seen below it last Friday after previous getting 37 sessions trading range breaking down confirmations.
As "ABC" correction beginning confirmation getting after last 37 sessions trading range breaking down confirmatioms therefore Price-wise and time-wise correction of whole rally will remain continued according to above Fibonacci Retracement levels in the coming weeks and months.