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NIFTY INDEX OBSERVATION AND PATTERN FORMATION

NSE:NIFTY1!   S&P CNX NIFTY INDEX FUTURES
INDEX OBSERVATION
  • -ON DAILY CHART THE STOCK IS FOMRING A DOUBLE TOP FORMATION
    -CRUCIAL POINT 14450
    -NOW THE TRENDLINE IS VALID AND WE HAVE RECEIVED CONFIRMATION
    -YESTERDAY MARKET EXACTLY CLOSES ON THE TRENDLINE
    -ALSO TOOK SUPPORT @50 EMA
    -TWO IMPORTANT TRIGGERS ON THE DOWNSIDE
    A) NIFTY BREAKS BELOW THE BULLISH CHANNEL ON CLOSING BASES
    B)AFTER RETEST OF 14450 MARKET BREAKS BELOW ON CLOSING BASES
    -IF THE ABOVE CONDITIONS HAPPEN WE CAN TRIGGER ANOTHER 800 POINT CORRECTION
    -ON THE UPSIDE LET INDEX FIRST CAPTURES ITS DAILY 20-EMA AND A CLOSE ABOVE 15000
    -THEN A RETEST OF PREVIOUS HIGH CANNOT BE RULED OUT
    -THEN WE WILL HAVE A FOLLOW UP
    -FOR NOW THERE IS NO SIGNS OF BULLISH REVERSAL
    -IF AFTER GAP-UP MARKET FAILS TO SUSTAIN THEN MY 800 POINT THEORY WILL BE IN ACTION
Comment: PLAYED OUT PERFECTO!

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