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| Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 19 Sept'14 |
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| Nifty 50 - End of Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 19 Sept'14 |
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| Nifty 50 - End of Day (EOD) Chart - Channel analyzing Data from Feb'2014, onward - as on 19 Sept'14 |
Learning from last Week: (click here for the previous post)
Patterns:
- Index makes huge Waves last week as a result of previous High Wave candle pattern #W1.
- Throwback of Price to old EOD channel's top #D3, sees Index coming back from below to again make an exact touch of the 'red' Channel Top line #D3.
- Bulls shoot up from support at the 5 EMA, on the EOW on Tuesday last #D1, after bouncing off from near the September Wall (study) #D1.
- Bears fight back to hold the Bulls near the red channel top #D3.
Moving Averages:
- The critical 5 EMA and 13 SMA on the EOD meet #D1.
Indicators:
- MACD & Volume divergence to Price is huge #D2.
- TRD #M1 faces resistance at the 76.4% Fibonacci retrace.
Wrap:
Bulls maneuver a sharp reversal from the September Wall, Bears hold old channel highs #D3.
Looking Forward into this Week:
Patterns:
Patterns:
- High Wave candle (Study Links here, here or elsewhere) pattern's effect is on #W1.
- Throwback (Study Links here, here or elsewhere) of Price to old 'EOD channel top' - to be studied #D3.
Support & Resistance:
- Index support that the bears look to crack, continues to be the 5 EMA on the EOW (8023) #W1.
- Index faces resistance at the ATH (8180) #D1.
Moving Averages:
Indicators:
- STS slipping below the overbought, will work for the Bears #W1.
Wrap:
Bulls look to gain more altitude with current maneuver staying above 8108 #W1.Bears look to defend the old channel top #D3 and get back below the 5 EMA #W1.
