ANALYSIS for JAN 17

50% SHORTS taken AT 4940NS with SL DAY  close above 4960NS.

The Bearish Bat pattern has completed its 161.8% retr target - started from Jan 2(click here)

This has given possibility of  formation of  Bullish ABCD Reciprocal Pattern. (CLICK HERE for details about pattern)

 

 The testing of the upperchannel of the rising wedge along with a 5wave impulsive move,
100 DMA at 4937,
Month 5EMA and 5SMA at 4960 and 4945 respectively all indicates Huge resistance at 4940-60NS levels.

A 50% correction say upto the levels of 4750-70 NS  would give rise to a Huge Upmove - where the Bearish Shark Pattern of Day TF would play its part.

The 50 % reracement would reach near the trendline joining the O & A of the above chart and it would reach 5150++ levels to complete the Bearish shark Pattern at the Pink Trendline joining the previous highs of 5740 - 5400.

Week levels
CLOSE	4866
PIVOT	4820
HI EMA	4876
LOW EMA	4714
5 EMA	4787
10 EMA	4838
PrevHigh	4899
Prev Low	4695

Positional	Trade Table
Current pattern	A-B	C(current)
Bullish ABCD Reciprocal	4801-4588	4969.75 161.8% retr of AB
Trade initiated	Day Close above 4960
Shorted at 4940NS	Proj. for D
	38.20%	4810.00
	161.80%	4768.00