murthyonline

murthyonline

As mentioned yesterday NS made a green candle today, though it is a doji. The doji says aloud neither bull nor bear is having upper hand as of today. The candle is sandwitched in between 5 and 2 SMA. As per EW if consider 11495 to 11340 as A wave, the B is in progress from 11340 to todays' high, either completed or in the process of completing. In that case C...

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In continuation of earlier posts, the NS closed below the trend line for the first time today. The 2/5 MA c/o done indicating correction. The MACD signal is still above 0 and histograms though becoming smaller standing above 0. Now if the MACD signals cross over the correction can extend to 11254-60 levels. But by looking at the earlier instances the chances...

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Hourly chart attached with marking.

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In continuation of the above daily chart post yesterday, a trend line is drawn in hourly chart . NS should not close below this line for 2 consecutive days to achieve the probable target.

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See the chart with notes.

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Daily chart marked with notes.

murthyonline

NS slowly and steadily crossed the ATH and made new high. This slow & steady rise can be termed as a trending pattern. Looking at the daily, weekly and monthly time frames NS is heading for 11600 before it makes a sideways move marked in the daily charts with circles and posted here a few days ago. The stochastic is above 80 and it can give gap ups until it...

murthyonline

Nifty multi-year Daily Chart attached. It can be seen it is in staircase mode. Approx. target on top and range marked. Interesting days are ahead. Nearing to ATH slowly and steadily. If it can cross ATH and stays there for 2 days the short covering can catapult Nifty to higher targets.

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A Close look at the chart reveal that there were 2 dips or sideways movement on its path (marked in red circles). We have seen one of these in last two days and it is completed or in progress. Once it completes the journey starts again.

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NS Daily chart marked. Now it is in an expanding triangle. It looks like NS is getting ready to repeat the earlier pattern of two curves and an 45 Degr.up move, marked in rectangles with shaded area.

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After break out from the sideways movement marked in rectangle, the Nifty Multi Year probable path marked.

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If we get today and tomorrow Nifty close above 5 SMA, NS is ready for the next leg of upmove. First resistance being 10837 and two closes above it can see NS sailing to 11700-900 area.

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Moving sideways and making a Head and Shoulder type pattern. Probable path marked in chart.

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2 closes below 5 SMA. Now it has to fall until the next 2 consecutive closes above 5 SMA. Exit point 2 and SMA cross over.

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MACD bearish and chart pattern also suggest the path marked in the chart a correction to C and new impulse to D or above.

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We can see the inverted Cup and Handle pattern and inside the Bullish Gartley pattern. Minimum expected correction level is at D and maximum at the brim of the inverted cup. Once the reversal starts it will go above All Time High. To know the correction ended look for a small handle.

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Index is making an inverted cup and handle pattern and can fall to the extent of 5000-5100 levels in the coming months. MACD is entering into negative territory below 0 line. No semi circle/circle drawing tool to draw in the chart. Start from 5045 and draw semi circle touching 5658 as middle point to get the inverted cup.

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Index is heading for 27000. MACD is getting into bearish zone. Below 29000 the it signals breakdown from the sideways movement continuing for the last couple of months.