Analysis for sept 29

Stop loss for positional shorts is hour close above 4960.

Important Parameters for the day:

CHECK LIST-DAY
CLOSE	4946
PIVOT	4957	5EMA	4946
HI EMA	4994	10EMA	4971
LOW EMA	4900	13EMA	4981
5 SMA	4946	26EMA	5026
20DMA	5029	prev HI	5006
50 DMA	5157	prev LOW	4918
50Hr MA	4976
100Hr MA	5003

Trade Table:

	Trades Initiated
Current pattern	X - A	B
Developing Bearish Gartley Pattern	5169 - 4758	5006
Trade initiated	SL Hr close abv 4955(Day Pvt, Week Pvt)
Sold at 4935NF	Retr of AB for C (NS)
	38.20%	4911.26
	50.00%	4882.00	Book PP
	61.80%	4852.74	Book Profits
	70.70%	4830.70
	78.60%	4811.07
	88.60%	4786.27
when Hour closes blw DLema - trail SL to Day Lema.

Important TA parameters for retracements
Day Lema	38.20%	4911.26
Week Lema	50.00%	4882.00
Developing Week Lema	61.80%	4852.74
Price clusters	78.60%	4811.07

Intraday Update :10 am



T

The decending triangle would decide the move  would be on which side.

From a larger perspective the descending triangle looks more like a pennant which is a contiuation pattern. Would this behave as pennant or descending traingle with fast fall set up???

 Refer http://thepatternsite.com/pennants.html for details about pennants.

Intraday Update 12.00noon:

NS has found good support at 4900 Day lema levels and has reached the week pivot of  4950. The shorts are terminated at these levels.

The 4900 levels corresponds to the 38.2% retracement of Hour TF and the 127% retr of Bullish crab formed in 5minTF.