NIFTY INDEX OBSERVATION AND PATTERN FORMATION

INDEX OBSERVATION

• -ON DAILY CHART THE STOCK IS FOMRING A DOUBLE TOP FORMATION
  -CRUCIAL POINT 14450
  -NOW THE TRENDLINE IS VALID AND WE HAVE RECEIVED CONFIRMATION
  -YESTERDAY MARKET EXACTLY CLOSES ON THE TRENDLINE
  -ALSO TOOK SUPPORT @50 EMA
  -TWO IMPORTANT TRIGGERS ON THE DOWNSIDE
  A)NIFTY BREAKS BELOW THE BULLISH CHANNEL ON CLOSING BASES
  B)AFTER RETEST OF 14450 MARKET BREAKS BELOW ON CLOSING BASES
  -IF THE ABOVE CONDITIONS HAPPEN WE CAN TRIGGER ANOTHER 800 POINT CORRECTION
  -ON THE UPSIDE LET INDEX FIRST CAPTURES ITS DAILY 20-EMA AND A CLOSE ABOVE 15000
  -THEN A RETEST OF PREVIOUS HIGH CANNOT BE RULED OUT
  -THEN WE WILL HAVE A FOLLOW UP
  -FOR NOW THERE IS NO SIGNS OF BULLISH REVERSAL
  -IF AFTER GAP-UP MARKET FAILS TO SUSTAIN THEN MY 800 POINT THEORY WILL BE IN ACTION
  

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