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| Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 08 Aug'13 |
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| Nifty 50 - End of Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 08 Aug'13 |
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| Nifty 50 - End of Day (EOD) Chart - Channel analyzing Data from Apr' 2013, onward - as on 08 Aug'13 |
Learning from the Past Week: (click here for the previous post)
Patterns:
- On the Medium Term EOW #3, the 'High Wave' Candle studied 3 weeks ago, gives the Bears more cheer.
- June's 'Hanging Man' Candle & May's Shooting Star on the Long Term EOM #1 Charts - give the Bears much to cheer about.
- The 61.8% Fibonacci retrace of the 'Jan'12 low to All time high' cracks #5.
- Index bounces off our Day Channel's bottom #5 exactly.
- 50 SMA and 200 SMA cross bearishly in a Death Cross #5 as anticipated last week.
- Index 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 #6.
Looking Forward into the next Week:
Patterns:
- Combined effect of June's 'Hanging Man' Candle & May's Shooting Star on the EOM #1 help Bears get a third red week.
- 'High Wave' Candle Pattern #3, studied 3 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 keeps the Bulls under pressure #5..
- 13 SMA and 5 EMA on the Long Term #1 are currently Bearishly Crossed (as its below 5655) it can Bullishly Deflect if Index gets above 5655 for August.
- '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 for August.
Bulls want life above 5655 and a golden Cross - Bears wish to crack the 34 EMA #1 and the EOD Channel bottom #5.
