NIFTY GOING TO GO UP

Nifty is now forming a consolidation triangle which is constituted by 5waves. If this is completed than we are going to have a very dramatic reversal or the start of new BULL MARKET for NIFTY. The low of this triangle is 4400 to 4450 which is most likely to form by the 5 wave.

fibonacci 61.8%

Now nifty bounce back from the TWEEZER BOTTOM pattern of candlestick chart, which is having a support from the long term trend line support which I have post before.
The odds are that nifty is likely cross the 61.8% retracement and 100 DMA which is at 5110 and 5120 level. If these levels is crossed then target of nifty is 5200-5300.

pinochhio bars

Nifty is now going to get support at the line which is parallel to the previous line above it. Above all market is now oversold now, bounce back from this level is most likely.

nifty support at 4800

PINOCHHIO

Nifty is now below the fibonacci retracement of 61.8%. According to the pinochhio lines it is likely to take support at 4800. As the RSI and stochastics are now oversold, it is very near to take support from 4800 level.

nifty taking support at fibonacci 61.8%

nifty is on bulls trap

pinochhio bars 

Now the nifty is at the level of resistance, to breakout would consumed lot of momentum.

fibonacci arc

fibonaci arc

nifty reversal revealed by tweezers bottom in weekly

In the weekly candlestick chart, the lows are same, which is called tweezers bottom. This pattern is a reversal pattern.

nifty daily chart

As the MACD is just crossing the zero line by 12 day line, there is likely that market can touch 5300-5330 which was the up point boundary of the gapdown of 4th Aug 2011. And in view of RSI which is at 63.75 which is not yet overbought.

nifty likely to move upward

hourly chart