Nifty Astro Technicals week ending August 10, 2012

 Technically this week is important in several ways.Nifty had attempted to breach the intermediate top of 5378 on the  88th  trading day, after the island formation on April 03, 2012.As seen in the Weekly chart, Nifty is much closer to the apex of the long term triangular formation. An upward resolution can project prices quite high, into 5700-5900 levels, since the trend line breached is a long term line. On the other hand, the uptrend from 4770 is now 10 weeks old and we are yet to see a confirmed cycle top.So if the support trend line is breached we may see a downfall, all the way to 5000 levels.Any which way there can at the most be one more week of moving into the apex...a resolution is at hand..sooner than we think....

Weekly trend has been strong..Will it assert itself today?

During the week beginning, we had expected green most of the week and green it was.We had expected profit taking towards the close of the week and it emerged in the past two days.

So where can we anticipate  the week to  end?

Here is how the waves look like...

 Astrologically it is a SUN Day today. Sun is in Mercury.Sun is good for Nifty and Mercury is bad for Nifty. Since Sun is in the ascendant, we may expect Nifty to move positively.By 14.52 hrs, transiting Moon becomes conjunct with Natal Saturn. That could trigger selling again.

It is a quarter moon to boot. Looking at the sky for next week, it looks prudent not to carry over any long positions over the weekend. 

Have a great trading day!