Recap : Refer posts from last weekend (3rd Dec'11) - With the Nifty above the 34 EMA last weekend, we had anticipated a move to our red channel line.. we also expected ranging which happened .. our Intra-Week post of 7th Dec'11, indicated that Bears could make a dash for the Fib61x - which is precisely where the Nifty ended by weekend...
The Charts...
End of Day Chart
 |
| Nifty - End of Day Chart - 09 12 2011 |
 |
| Nifty - End of Week Chart - 09 12 2011 |
http://thepatternsite.com/HaramiBear.html
http://www.traderslog.com/bearish-harami-weekly-candlestick/
 |
| Nifty - End of Month Chart - 09 12 2011 |
Nifty End of Month Chart: Notice that the Bullish Harami we saw last week disappeared...5 EMA continues to be resistance at which this month is fighting.. a pullback to the green channel line is still a possibility...
Looking Forward: We analyzed the SP 500 earlier today, we saw the contra signals that this week's study has given us...Currently Nifty is in a Bear mode but on a decent support line... One sees the Nifty ranging as indicated on the Day chart.. based on how the rest of the world opens up we shall take a directional call later in the week...
