The trendline support is at 5050-70. breakout and close above this would lead to more upsides.
In the hour charts a move above 5060-70 would weaken the H& S pattern formed.
Nifty gathered support at 4920 - week Lema levels and bounced back sharply to close at 5013. It has closed above the DAy Pivot, DLEma, 5EMA and 10Ema.
The 5ema has closed below the 5sma.
| CHECK LIST-DAY | |||
| CLOSE | 5013 | ||
| PIVOT | 4985 | 5EMA | 5005 |
| HI EMA | 5050 | 10EMA | 5010 |
| LOW EMA | 4948 | 13EMA | 5014 |
| 5 SMA | 5045 | 26EMA | 5072.6 |
| 20DMA | 4977 | Ystrdy HI | 5026 |
| 50 DMA | 5289 | Ystrdy LOW | 4917 |
| 100 DMA | |||
| 200 DMA |
Todays Action Plan:
Levels to be watched:
5005, 5040,5050,5072.
Sell below 5050 with SL 5075
Buy above 4950 (Day Lema) with SL Hr close below 4940
INTRADAY UPDATE: (10.am )
A bearish Crab is completed in 5min NF. This whole pattern of 5min is the move from 5030-4911 on 13 sept till today mornings high. In case the high of 5061NS is fixed for today, then it is likely to become the right shoulder. The Pink resistance line drawn in the above hour chart will be reached if the 61.8% retr happens now. A move from that would decide if the H&S pattern would be valid.
Intraday Update: 12.10PM
Following a Bearish Crab, a bullish Gartley is forming.
The CD of the Bearish crab becomes the XA of the Bullish Gartley.
XA = 4909-5047
B = 4959 = 61.5% retr of XA
C = 5013 = 61.8% of AB ( if this holds)
then retracements of D
| 61.80% | 4979.63 |
| 76.40% | 4971.74 |
| 78.60% | 4970.56 |
| 85.40% | 4966.88 |
| 94.43% | 4962.01 |
| 94.43% | 4962.01 |
| 127.00% | 4944.42 |
| 161.80% | 4925.63 |
Update at 1.45PM
Today has been a day of 61.8% retr:
61.8% retr of 4090-5047 = 4960
61.8% retr of 4959-5013 = 4981
161.8% retr of 5013-4978 = 5035
Todays NF movement
5047 -4959-5013-4978-5044
The power of fibo!!!!
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