Levels will confirm the life & length
of on going "ABC" correction
Technical Analysis,Research &
Weekly Outlook(Jul 04 to Jul 08,2022)
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (01-Jul-2022):-
Technical Patterns and Formations in EOD charts
1- Impulsive Wave-5 completion after new life time top formation at 18604.50 on 19-10-2021 and corrective Wave-A of "ABC" correction beginning with Double Zig-Zag pattern formation
2- Wave-A completion at 16410.20 on 20-12-2021
3- Wave-B completion at 18351.00 on 18-01-2022
4- Wave-C bottom formation at 15671.5 on 08-03-2022
5- Wave-X completion at 18114.70 on 04-04-2022
6- Wave-A completion at 15735.80 on 12-05-2021
7- Wave-B completion at 16793.80 on 03-06-2022
8- Wave-C completion at 15183.4 on 17-06-2022
9- Wave-A continuation with recent top formation at 15927.5 on 27-06-2022
10- Stochastic- %K(5) line has intersected %D(3) line downward and its both lines are falling from Over bought zone.
11- Stochastic:- %K(5)- 62.39 & %D(3)- 72.10
12- In MACD- MACD line has intersected Average line upward and its both lines are rising in negative zone.
13- MACD(26,12)- -250.35 & EXP(9)- -435.01 & Divergence- 184.66
Conclusions from EOD chart analysis
(Stochastic & MACD)
Impulsive Wave-1 of which Waves structure started from 7511.10 on 24-03-2020,that completed after its impulsive Wave-5 completion with new life time top formation at 18604.50 on 19-10-2021. After impulsive Wave-5 completion "ABC" correction with Double Zig-Zag pattern formation begun to correct whole rally between 7511.10-18604.50 which is in continuation with recent bottom formation at 15183.4 on 17-03-2022. After this Wave-A started which is in continuation with recent top formation at 15927.5 on 27-06-2022 and no confirmation of its completion yet on EOD charts.
As in Stochastic indicator %K(5) line has intersected %D(3) line downward and its both lines are falling from Over bought zone therefore signalling Short Term correction beginning possibility in next week.
As in MACD MACD line has intersected Average line upward and its both lines are rising in negative zone therefore emergence of first signal of upward trend formations. Let both lines of MACD to move into positive zone then upward trend formations will get confirmations.
Nifty-Last 15 Sessions
intraday charts analysis
Nifty-Intra Day Chart (Jun 13 to Jul 01,2022):-
Technical Patterns formation in last 15 Sessions intraday charts
1- Selling(Resistances) in last 15 Sessions are as follows:-
A- 15807-15861(Strong resistances)
B- 15869-15927
2- Consolidation(Supports) in last 15 Sessions are as follows:-
A- 15693-15723
B- 15592-15690
C- 15503-15556
D- 15393-15462
E- 15236-15314
3- Last 15 Sessions actual trading between 15184-15927
Conclusions from 15 Sessions
ntra day chart analysis
Last 15 Sessions trading between 15184-15927 with above mentioned supports and resistances which are sufficiently stronger also therefore expected that Nifty will firstly trade within last 15 sessions trading range and prepare for next trend. As finally sustaining beyond last 15 Sessions trading range(15184-15927) will confirm next trend therefore it should be firstly watched in the coming week/weeks for next trend formation confirmations.
Nifty-Intra Day Chart Analysis
(01-Jul-2022)
Nifty-Intra Day Chart (01-Jul-2022):-
Technical Patterns formation in today intraday charts
1- Sharp fall in first hour after gap down and 76 points weaker opening.
2- Up moves with downward corrections
3- Whole day actual trading between 15512-15793
Conclusions from intra day
chart analysis
Although firstly 269 points sharp fall in first hour after gap down and 76 points weaker opening but up moves started which remained continued till last minutes. As last 5 hours up moves were with downward corrections therefore expected that some up moves will be seen towards next resistances in the beginning of next week if Global markets and its Futures will not be in crashing mode due to any Geo-Political negative news.
Conclusions
(After putting all studies together)
1- Long Term trend is down.
2- Intermediate Term trend is down.
3- Short Term trend is up.
More than 8 months old "ABC" correction continuation with Double Zig-Zag pattern formation after impulsive Wave-5 completion at 18604.50 on 19-10-2021 and no confirmation of its completion yet on EOD charts.
As last 15 Sessions trading between 15184-15927 therefore finally sustaining beyond this range will confirm next trend and life/length of on going "ABC" correction therefore firstly sustaining it beyond should be watched in next week for:-
1- Sustaining above 15927 will mean 1st signal of on going "ABC" correction completion.
2- Slipping below 15184 will mean corrective Wave-B continuation confirmation toward new lower levels of on going "ABC" correction.
