My simple understanding is that the short term EMA_5 becomes greater
than the long term EMA_34 resulting in a positive value for MACD
heralding bullish time.
vide : http://lalitlk-lalit-lk.blogspot.in/2016/06/nifty-macd-observations-in-diverse-time.html
In above 13 DaysCycle chart, it is seen that Nifty is overall in bullish phase with Macd being with an positive value more than that with negative value ; specifically Macd was with negative value in just 10,5,1 candles & since dip of 4531, Macd remained in positive territory in 85 (out of 100 candles) showing long term Bullish phase.
IMO Nifty, after a prolonged bullish time, may be going for corrections in near term ; watching TL in green & red for intermediate support.
In 5 DaysCycle chart , Nifty showed robustness of on going bullishness.
In broad view of the 5 DaysCycle Nifty may have find support along TL's
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