Nifty Shows Warnings

Nifty Daily Chart
S&P CNX Nifty - Daily
The Nifty is showing warnings of a reversal that might occur any time soon. Today, the 25th of September 2012 was a Gann reversal date and we did witness a bearish candle. We know that sometimes a Gann reversal might shift by a day. In line with that if we consider yesterday to be the reversal date, then it was not confirmed by today's moves since the index did not close below yesterday's low. Hence the next date to be considered is today, which is yet to be confirmed by the index closing tomorrow. Further dates of reversal are on the 27th of September, 1st, 4th and 5th of October 2012. Once this reversal occurs, this would be the first major reversal since the bull run that started on the 6th of September 2012.

Nifty IEOD Chart
S&P CNX Nifty - Hourly

There are no significant Wolfe Wave patterns to be seen on the daily charts. In terms of Camarilla levels, it is hard to predict anything since the index has moved beyond the H5 resistance level. Hourly charts for the S&P CNX Nifty too show some signs of weakness.there is minor support at the 2 - 4 Wolfe line shown in green. Once this is broken the index is expected to drop significantly.

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1 comment:

  1. Reversal not confirmed. Uptrend likely to resume unless tomorrow's close lies below today's low. Next reversal date is 27th of September 2012.