|Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 12 Sept'14|
|Nifty 50 - End of Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 12 Sept'14|
|Nifty 50 - End of Day (EOD) Chart - Channel analyzing Data from Feb'2014, onward - as on 12 Sept'14|
Learning from last Week: (click here for the previous post)
- Index dances in a High Wave candle pattern last week #W1.
- Throwback (study) of Price to old EOD channel's top, sees Bulls managing the Throwback with an exact touch of the red Channel Top line #D3.
- Bulls make new ATH but slip below the 5 EMA, on the EOD by week end #D1.
- Bears fight back to get a 'red' week candle #W1
- The critical 5 EMA and 13 SMA on the EOD poised to meet #D1.
- MACD and its MA touch - MACD & Volume divergence to Price is huge #D2.
- TRD #M1 faces resistance at the 76.4% Fibonacci retrace.
Bulls make another new High, Bears use 'Throwback' to slip index below the 5 EMA #D1.
Looking Forward into this Week:
- High Wave candle (Study Links here, here or elsewhere) pattern's effect is now active #W1.
- Throwback (study) of Price to last week's 'EOD channel top' completes with precision. Follow up move awaited #D3.
Support & Resistance:
- Support for the index is the 5 EMA, on the EOW (7974) #W1.
- Index faces resistance at the ATH (8180) #D1.
- STS slipping below the overbought, will work for the Bears #W1.
Wrap:Bulls want to use the Throwback #D3 to keep above the 5 EMA, on the Week Chart and make new ATHs #W1.
Bears see the High Wave as a way to defend the current ATH ( 8180) and move below the 8K mark #W1.