Thanks for the support and well there was loads of work and i was bit lazy to update charts, and could not trade as well..
Leaving apart that, i am restarting the posts.
I am now posting below the weekly chart of Nifty and EOD chart of Nifty (both charts are for 1month continuous futures_courtesy icharts.in).
The following table would summarize the entire price action of nifty from the bottom.
Following is the Weekly chart of nifty, and it is pretty clear from the chart that trendline 1 and resistance line 1 are major hindarances for upmove. Nifty (and all world markets) have run more, well blame it in GS for that, but thats some thing else.
Coming to Nifty weekly chart, the important levels to watch for are placed and a possible wedgish formation is there. Plus, the weekly red candle has broken rising trendline from 4667.
Following is weekly chart:
Following is table of major points to watch out for based on EMAs, SMAs and BB ranges.
Now, the highlight post: Nifty Major Ending Daigonal.
The weekly charts suggests a major downside possible. On weekly charts, based on EW, is see a pattern likely resembling Ending Daigonal (ED) on verge of completion. Yes, ED wave e can overshoot the trendline, so, i would not be surprise for a high of 5500 on NF (80% retracement). But, having said that, major downsides are open for now.
For now not writing anything for trading, as i am still working on post for stocks.
These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding.
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