|Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 16 Aug'13|
|Nifty 50 - End of Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 16 Aug'13|
|Nifty 50 - End of Day (EOD) Chart - Channel analyzing Data from Apr' 2013, onward - as on 16 Aug'13|
Learning from the Past Week: (click here for the previous post)
- On the Medium Term EOW #3, the 'High Wave' Candle studied few weeks ago, gives the Bears even more honey.
- June's 'Hanging Man' Candle & May's Shooting Star on the Long Term EOM #1 Charts - gave Bears support from July End..
- The 61.8% Fibonacci retrace of the 'Jan'12 low to All time high' fails again last week #5.
- Index bounces off our Day Channel's bottom #5 exactly once more.
- 5655 cleared by the Bulls until Friday last - retaken by Bears emphatically.
- 50 SMA and 200 SMA stay crossed bearishly in a Death Cross #5.
- Index again takes support on the stable 34 EMA, on the Long Term Chart #5.
- 'Trend Deviation' Indicator #2 on the long term charts show Bulls slipping below the center line.
- MACD Histogram ticks up, MACD and its MA look at meeting up #6.
- STS #4 dives into the oversold after 18 odd months.
Bears ride the 'High Wave' #3 to a Death Cross #5 and stay strong...
Looking Forward into the next Week:
- Combined effect of June's 'Hanging Man' Candle & May's Shooting Star on the EOM #1 help Bears get a fourth red week.
- 'High Wave' Candle Pattern #3, studied 4 weeks ago still in play.
- The 200 SMA #5 is now resistance - for the Bulls.
- The 50% Fibonacci retrace of the 'Jan'12 low to All time high' is the next available support for the Bulls #5.
- 200 SMA and 50 SMA on the Day Charts remaining Bearishly Crossed #5 keeps the Bulls under pressure, as seen on Friday last..
- 13 SMA and 5 EMA on the Long Term #1 are currently Bearishly Crossed (Index below 5655) it can Bullishly Deflect if Index gets above 5655 for August.
- 13 SMA and 5 EMA on the Short Term #5 Bearishly Deflected last Week - a Bullish Cross would be just the impetus for the Bulls to get back some ground.
- 'Trend Deviation' Indicator #2 could see the Index bounce of its center line for a new Bull run if the Bulls get to stay above it from August.
Bulls want life above 5655 and a Golden Cross - Bears again wish to crack the 34 EMA #1 and the EOD Channel bottom #5.