June 6, 2016

Neowave analysis / outlook of NIFTY

As per Dow Theory, trend is assumed as UP as long as the action maintains “higher top higher bottom”. This remains the most profitable trend identifier technique in the entire history of Technical Analysis.

T
he last bottom on Sensex was a Double Bottom near 25058 on 4th and 6th May. Protecting this bottom, Index turned up from a “higher” bottom of 25181 (Nifty 7716).

S
ensex “overlapped” with the bottom of Jun’15It also broke the line joining the highs of Mar’15 and Jul’15, decisively. This favors Expanding Triangle (ET) pattern for the downward phase from Mar’15 onwards.

Read more at http://content.icicidirect.com/ULFiles/UploadFile_20166610501.asp

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