It denotes that the shortterm average has lower valued moves, and the earlier terms had higher ranges, which keeps the longer term EMAs above the shorter term EMAs.
(The same applies to SMAs too.
The SMAs have uniform spread representation. The EMAs represent more recent data, giving higher weightage to the latest data.)
Here as we had looked into earlier, the 300ema 400ema and 500ema came into play.
500ema gave the fulcrum for Nifty to hold and swing up.
Earlier 600ema formed the support to Monday low.
Now Nifty is resting below the 300,
Till Nifty remains below 200ema, its weak.
Between 200ema and 200sma, Nifty would be recovering.
Below 200ema till 300ema it is sideways.
Below 300ema upto 400ema, losing momentum.
Below 400ema negative.
Nifty and market will show us when where how and what.
This is a Saturday morning lighter thought.
EMA NIFTY Health Barometer (or Thermometer, if you like it that way)
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