Nifty is making a head and shoulder pattern both in daily and weekly charts. Weekly chart marked here.
The expected cross over of MACD signals and 2 closes above 5 SMA in daily chart yet to happen. This will be the
first signal, corresponding to the view marked in the chart, is starting. Confirmation will be sustaining above 200 SMA in 30 min chart which is the figure interestingly we can as the 20 SMA (Middle BB) in Monthly chart .
Monday can be a flat or weak opening with a gap down (As per GANN) being the Friday close is weak and weekly low made on Friday.
However, Monday being the 8th candle after 7 red candles, we can expect a green hammer candle or a Doji (morning star candle pattern).
Another observation noticed is invariably the direction change happens on the 6-7-8 th days after the New Moon or black Moon.
Based on that the 6th day after New Moon falls on Tuesday, so Tuesday/Wednesday/Thursday a turn of direction cannot be ruled out.
In such an event the first target expected is 10580-637 and a dip to 10350- 405 and rise again above 10710.
A fall below 9800 negates all the above calculations and it needs to be looked into again, all these being sub-waves. However the
main wave remains the same as marked here many times.
The above view is purely for educational purpose and may not be good for trading. Please ensure with your Financial Advisors before taking any action on the above views.
The expected cross over of MACD signals and 2 closes above 5 SMA in daily chart yet to happen. This will be the
first signal, corresponding to the view marked in the chart, is starting. Confirmation will be sustaining above 200 SMA in 30 min chart which is the figure interestingly we can as the 20 SMA (Middle BB) in Monthly chart .
Monday can be a flat or weak opening with a gap down (As per GANN) being the Friday close is weak and weekly low made on Friday.
However, Monday being the 8th candle after 7 red candles, we can expect a green hammer candle or a Doji (morning star candle pattern).
Another observation noticed is invariably the direction change happens on the 6-7-8 th days after the New Moon or black Moon.
Based on that the 6th day after New Moon falls on Tuesday, so Tuesday/Wednesday/Thursday a turn of direction cannot be ruled out.
In such an event the first target expected is 10580-637 and a dip to 10350- 405 and rise again above 10710.
A fall below 9800 negates all the above calculations and it needs to be looked into again, all these being sub-waves. However the
main wave remains the same as marked here many times.
The above view is purely for educational purpose and may not be good for trading. Please ensure with your Financial Advisors before taking any action on the above views.