Long Term trend is at stake in Indian Stock Markets
Technical Analysis,Research & Weekly Outlook
(Oct 07 to Oct 11,2013)
Nifty-EOD Chart (04-Oct-2013):-
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| Just click on chart for its enlarged view |
Technical Patterns and Formations in EOD charts
1- Bottom formation at 5118.85 on 28-08-2013 and Wave-1 beginning
2- Wave-i(5580.95 on 03-09-2013)
3- Wave-ii(5318.90 on 04-09-2013)
4- Wave-iii(5957.25 on 16-09-2013)
5- Wave-iv(5798.15 on 16-09-2013)
6- Wave-v of Wave-1 completion at 6142.50 on 19-09-2013
7- 'ABC' Correction continuation.
8- Wave-A(5811.10 on 25-09-2013)
9- Wave-B(5917.65 on 26-09-2013)
10- Wave-C of Wave-2 completion at 5700.95 on 01-10-2013.
11- Wave-3 continuation
Conclusions from EOD chart analysis
Wave-3 beginning signals but its confirmation is required yet and that will mean new all time high formations.
Nifty-EOD Chart (04-Oct-2013):-
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| Just click on chart for its enlarged view |
Technical Patterns and Formations in EOD charts
1- Wave-1 beginning after bottom formation at 5118.85 on 28-08-2013
2- Wave-1 completion after its Wave-v completion at 6142.50 on 19-09-2013
3- Wave-2 correction beginning
Conclusions from EOD chart analysis
Wave-2 correction beginning after Wave-v of Wave-1 completion therefore correction of whole Wave-1(5118-6142) seen according to following Fibonacci Retracement Levels(6142-5118):-
23.6%- 5900(Retracement completed)
38.2%- 5750(Retracement completed)
50.0%- 5630
61.8%- 5509
76.4%- 5359
Good up moves in previous week after 38.2% retracement completion and strong signal of Wave-3 beginning.
Nifty-EOD Chart (04-Oct-2013):-
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| Just click on chart for its enlarged view |
Technical Patterns and Formations in EOD charts
1-18 sessions sideways trading between 5701-6142
2-200 Day SMA(today at 5840)
3-200 Day EMA(today at 5755)
Conclusions from EOD chart analysis
18 sessions sideways trading between 5701-6142 and vaalid break out will mean strong Long Term Moves because both Long Term Trend decider 200 Day SMA and 200 Day EMA are lying within this range.
Nifty-EOD Chart (04-Oct-2013):-
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| Just click on chart for its enlarged view |
Technical Patterns and Formations in EOD charts
1- Bearish Head and Shoulders Pattern formation with Neckline at 5810
2- Bullish Inverted Head and Shoulders Pattern formation with Neckline at 5946
Conclusions from EOD chart analysis
Both big moves decider Bearish and Bullish patterns formations in last 18 sessions sideways trading between 5701-6142.
Conclusions (After Putting All Indicators Together)
Emergence of Wave-3 formation signals in previous week and its confirmation will mean those up moves and higher level targets which can not be imagined at this moment. Let Wave-3 formation confirmation come then its targets will be updated.
Certainly Long Term trend is at stake and its live proof is that Nifty is hovering around its decider 200 Day SMA and 200 Day EMA for the last 18 sessions as well as tested 10 times 200 Day SMA. Let market prepare for next trend then will be updated according to intraday charts formations,as being done continuously for the last more than 4 years in this Blog.
Last 18 sessions sideways trading between 5701-6142 with both Bearish and Bullish patterns formation and Bullish Inverted Head and Shoulders Pattern formation therefore Indian markets are not prepared for any side decisive moves and have to prepare firstly for one sided moves and next trend between 5701-6142. certainly valid break out of this range will be next Long Term trend confirmation because both Long Term Trend decider 200 Day SMA(today at 5840) and 200 Day EMA(today at 5755) are lying within this range.
