India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - High Wave - Week 3 of November 2015.

Learning from last Week: (click here for the previous post)

Patterns:

• Bears slip below the Day Channel's Middle Line (blue), but fail to take out our fallback level 7707.
• High Wave candle forms on the Medium Term Chart #W1.

Support & Resistance:

• Last week the Bulls found support near the Month Pivot's S2 #M1. Bears used 7900 and the Channel Middle line. as resistance to send the index down #M1.

Moving Averages: 

• The critical 5 EMA and 13 SMA, have crossed bearishly on the Week charts #W1.

Indicators:

• On the Day chart the  MACD and its MA, along with the Histogram, stay below zero #M2.

Wrap:

Bulls take support near our fallback level 7707 and just below the Channel Middle #D1. 
Bears almost dominate all 3 screens.

Looking Forward into this Week:

Patterns:

• Shooting Star, is active (Study Links here, here or elsewhere) on the Long Term Screen #M1.
• High Wave, is active (Study Links here, here or elsewhere) on the Medium Term Screen #W1.

Support & Resistance:

• Index has immediate support at 7707. Resistance is at 8040, the 76.4% Fibonacci retrace of the '2011 low' to the 'ATH'  #W1.

Moving Averages: 

• The Death Cross (50 and 200 SMA) is active, these MAs are now Bullishly Converging (needs watching) #D1.
• The critical 5 EMA and 13 SMA, will cross back Bullishly, on the Week charts if this week closes above 8008 #W1.

Indicators:

• The TRD, holding above the 38.6% retrace is the next Bull hope #M2.

Wrap :

Holding 7707 for the week, Bulls look to fight back to the Day channel top #D1.
Bears hunt for life below 7707 #M1, and clear domination of all screens.