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| Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 26 Sept'14 |
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| Nifty 50 - End of Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 26 Sept'14 |
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| Nifty 50 - End of Day (EOD) Chart - Channel analyzing Data from Feb'2014, onward - as on 26 Sept'14 |
Learning from last Week: (click here for the previous post)
Patterns:
- Index continues to makes huge Waves as a result of previous High Wave candle pattern #W1.
- Throwback of Price to old EOD channel's top #D3 - fails to take off - Index dives to bounce off Day Channel's Bottom #D1.
- September candle closing above 7954 (August Close) sets up the possibility of a Evening Doji Star #M1.
- Bulls close below support at the 5 EMA, and bounce off the 13 SMA instead - EOW #W1.
- Bears send back the Bulls near the red channel top #D3.
Moving Averages:
- The critical 5 EMA and 13 SMA on the EOD are Bearishly crossed #D1.
Indicators:
- MACD & Volume divergence to Price is huge #D2.
- TRD #M1 faces resistance at the 76.4% Fibonacci retrace.
Wrap:
Bulls come up from below the October Wall (7912) to close the week near the September Wall (7965), 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.
- Possibility of the Evening Doji Star (Study Links here, here or elsewhere) happening, after September candle forms, is to be watched for #D3.
Support & Resistance:
- Index support that the bears look to crack, is the 13 SMA on the EOW (7836) #W1.
- Index faces resistance at the recent High (8161) #D3.
Moving Averages:
Indicators:
- STS staying in the overbought, will work for the Bulls #W2.
Wrap (edited):
Bulls look to break the old channel top #D3 and stay above 8161 #D3.Bears seek a September Close above the August Close (for a Evening Star Possibility) and Index below the 5 EMA #W1.
