- Dow Jones is forming a falling wedge in its daily line chart.
- Falling Wedge is a bullish pattern.
- There are two possibilities
- 1st one a reversal from 9800 levels.
- 2nd one a reversal after a false break down of the bottom trend line below 9800.
- Falling wedge being a bullish pattern and is well formed in the daily chart i am expecting a reversal.
Posted by San at 10:25 PM
- NIFTY is trading above its 20 day moving average. But need some more candles to form above the 20 day moving average for bullishness to continue.
- Nifty hour line chart is forming a rising wedge pattern. If nifty correct from this pattern on monday we have support around 5050.
- This move is a retracement of the fall from 5399 to 4786. And we are trading above the 50% retracement level. If we don't sustain above 50% levels nifty may go back and retest 38.2% level at 5020.
- The most important chart is the hourly line chart showing a rising wedge. Dow jones broke down from a similar pattern over night.
- Dow broke the rising wedge on opening bell itself and went below some critical support levels CLICK HERE TO SEE THE DOW JONES CHART
Posted by San at 4:00 PM
- Dow went below 10100 in the opening bell itself. which warned what's about to come.
- The opening bell took dow outside the rising wedge that gave the short traders good profits.
- The down trending channel is still intact. Exactly from the top of the channel is were dow came down.
- Dow jones weekly channel consistantly closed below 5 day EMA which showed no strength returning.
- The last chart shows what was about to come. The negative divergance even before that near 1000 point move a day the negative divergance was clearly visible in the hourly chart.
Posted by San at 6:45 AM
- SP 500 was not able to close outside the channel
- got resisted at the top of the channel.
- See how 20 day moving average is acting as resistance, for the second time the index reacted when it came across the 20 day MA.
- 1040 is the las hope for the bulls.
Posted by San at 6:14 AM
All the contents of niftychartsandpatterns are for educational purposes only and are not Investment Advice or recommendations offered to any person(s) with respect to the purchase or sale of the stocks / futures. Niftychartsandpatterns shall not be held responsible for the actions of individuals, parties, or corporations taken in response to the ideas, thoughts, concepts or information presented in this blog. Hence all the visitors are requested to apply their prudence and consult their financial or investment adviser before acting on any of the Ideas in this blog.