Nifty Analysis on 19 Apr 2012 - Daily WXWYZ form
· This WXYXZ wave pattern is one of the possibility.
· Strong point - We looks X-Z wave inside is abc pattern and we are still in the b wave or it may got completed today, and it will move to c wave format which will complete the Z end point as per the EW wave.
· RSI is given the Triangle Breakout which have the resistance @5400.
· Weak Point – we have seen the breakout yesterday which was still holding today and end of day it moving in the upper side.
· But also seen in the daily Chart the reversal candlestick bar on the top of the breakout which is the Hammer at the top. So, If nifty is moving the downside from the current closing price then we can assume the breakout of Wednesday is the false which was sustain on the same day.
· So, Possibility is downside as per this assumption.
· Lets us see on Friday 20 Apr 2012 which I feel the crucial day for the coming days for identifying the trend.
Nifty Analysis on 19 Apr 2012 - Daily ABCDE Diagonal form:
· This is possible ABCDE triangle Diagonal Pattern.
· Weak Point– It looks we are still in the 4 wave correction pattern. Pattern Beakout seen as false as price is reversed from the breakout. So rare chance to move upward.
· We are still not break the last high 5377 which was the D point. We are still in the E wave which was subdivide in the flat at inner side wave.
· We might seen the gap down opening tomorrow and nifty slide towards down to E point which will complete the 4 Wave in the outer side.
· Strong Point to move upwards – Nifty is already given the breakout Diagonal breakout and moving ahead which could find the resistance @5400.
· 5 min wave also shown downside as per the chart.
Overall – Even if it is the strong bullish sign, I will see strong Sell Sigh as well. So Tomorrow will be the crucial day for trend decisive for the next major move.
