Nifty Hour chart update

Nifty Hour within the rising wedge pattern with 14RSI down!! 

UPDATEON SEPT 9:

BEARISH SHARK PATTERN IN HARMONICS

Harpreet - a blogmate of JN mentioned about the shark pattern in the justnifty group mail. The pattern has almost completed.

Analysis for Sept 7

Nifty has bounced from a low of 4933  yesterday and closed well above most of the parameters. (refer table below) but the 5ema has closed below the 5sma.

	CHECK LIST
1	CLOSE	5064
2	PIVOT	5027	5EMA	5006.1
3	HI EMA	5029	10EMA	4987.5
4	LOW EMA	4928	13EMA	4999.4
6	5 SMA	5008	26EMA	5097
7	20DMA	5001
8	50 DMA
9	100 DMA
10	200 DMA

Monthly pivot is at 5090, 26 Dema is at 5097 and a trendline resistance is present at 5110. A breakout and close above this resistance is required for a sustained upmove. With a breakout above 5110 the inve. H&S in hourly TF would come into play. Resisting at 5110 the Rising wedge would be intact.

Action plan for intraday:

Sell below 5090 with SL hr close above 5110.
Buy above 5030 (DHema &Pivot) with SL Hr close below 5005



Intraday update of Hr chart - Rising wedge:

EOD of Sept 6



NIFTY DAY CHART

Nifty has got resisted at the trendline which also happens to be a channel resistance. Immediate resistance above this line might be met with the rising wedge. A move above this (approx 5110-20) and a close above this would lead to more upsides and invalidate the rising wedge.

The TrendLine resistance and Rising wedge formation in Hour chart. Resistance at rising wedge would be around 5110. A breakout above this would invalidate the rising wedge and the inverse H & S formed would come into play.



Analysis for Sept 6

Numbers to be noted today:

Week: LEMA 4909
            PIVOT - 4970
           5EMA - 5029
DAY: 5EMA - 4977
          HEMA - 5007
           LEMA - 4920
           PIVOT - 5004
           20 SMA - 5014
           5DMA - 4945

Today's Trading range:

5029 - 5004- 4970-4950-4920


         

Harmonic patterns in DAY/Hour TF

A Possible Bearish Pattern is developing . There are two options:

XA = 5702 -4720 (OR) ................ Case 1
XA = 5197-4720 .......................... Case 2

CASE 1:

XA = 5702 -4720
B = 5064 - approx 38.2% retr of XA (5082)achieved . If sept 2 high is taken as 5112, then the pattern
                   becomes more valid.
B holding below 5100, the possible C's are:

38.20%	4932.59
61.80%	4851.41
76.40%	4801.18
78.60%	4793.62
88.60%	4759.22

CASE 2:

XA = 5195-4720
B    =5065 = approx 78.6% retr.

Both the Cases becomes invalid if the low of 4720 gets breached. CASE 2 gets invalidated above 5195 without making a low.