WEEKLY CHART BOOK

TECHNICAL VIEW FOR THE WEEK 11012016:

The LOWEST Weekly Close After 30Th MAY 2014 That Is After 84 Weeks NIFTY Has CLOSED A Week At 7601

I Had My Views About DOW JONES Making A LOWER TOP And Last Week DOW Too Lost 1150 Points Which Is The Single Largest WEEKLY Loss After 2012

When DOW Was Around 17500 I Said It Is Forming A LOWER TOP On Weekly Chart And DOW Has Crashed 1000+ Points Since Then

Here It Is

See How DJIA Plunged 1000+ Points In Last Few Days After A LOWER TOP

Worst Technical Aspect Of The NEGATIVE CLOSE Is The Failure Of INVERTED H&S Pattern To Complete The PATTERN

I Have Been Writing Clearly That Medium Term Trend Will Turn BULLISH Only On A WEEKLY CLOSE Above 8034 And NIFTY Failed Twice

After May Be A Minor Support Around 7550-7500 We Will See New Lows And First Probable Support/Target Zone Is 7422 Then 7330-7280 And Finally 7141-7118

But Once FLOOD Gates Open Up PANIC SELLING May Happen And Further New Lows Can Be Possible But Not Without Rallies In Between

WEEKLY NIFTY WITH FIBONACCI LEVELS:

Note That Around 7100 The LOWER END Of The BROADENING STRUCTURE Too Will Give Support

We Are In 45TH Week Since NIFTY Made Its TOP In MARCH 2015 While In 50th WEEK Since BANK NIFTY Made Its TOP In 2015

55 Is A FIBONACCI Number So  We Will Have A Significant Bottom Around 12th Feb Or Around 19th March 2016

For DAY Traders:

First Hourly Close Above 7622 And We May See 7640-7664 For NF & Also If NF Closes Above 7664 It May Try To Fill The GAP Up To 7447

Once Below 7570 It Will Quickly Reach 7551 Will Break It And May Find Some Support At 7503-7491

BANK NIFTY:

We Have A BROADENING STRUCTURE For NIFTY While There Is A CHANNELED MOVE For BANK NIFTY Covering Entire 2015

BANK NIFTY Has Some How Managed To Trade Above 15800 Which Is The Low When NIFTY Made A LOW Of 7551 In August But This Time BANK NIFTY Will Reach 15800 Again & More Below It

WWEKLY CHART OF BANK NIFTY:

14665 Is A FIBONACCI Retracement And The LOWER END Of The Channel Meets Around There Only So Once Below 15800 We Should One More Panic Selling To Meet This Targets In Near Future

Time Wise MID February Seems Logical Time Target

An EOD CLOSSE Above 16400 And Above 16670 Should Be Considered First Signs Of Reversal And A WEEKLY CLOSE Above 17143 Will Negate This Possibility But The PRICE STRUCTURE Seems Far Too Negative