"Nifty 5 min - 24 Jan 2011
Here is another chart of Nifty - 5 minutes - Wolfe Wave on this one.
We can expect 60-80 pt upmove from 5700 (possibly 5800?) - Go short when nifty hits the red line. Watch for divergences / wolfe waves before going short. For now it's long!"
We can expect 60-80 pt upmove from 5700 (possibly 5800?) - Go short when nifty hits the red line. Watch for divergences / wolfe waves before going short. For now it's long!"
Interestingly enough we touched 5800 and reversed.
So far - I would still continue to hold my shorts and wait for a New WW to form. Dont worry if the market heads up. We've retraced 127% and will still fall further - However, we could test another channel top @ 5700 and fall down again below the low today.. possibly 5580 / 5550? After which we may have a upmove in Feb possibly to 5850/5900 or even 6000. I suspect that we will move into weekly oversold very shortly in a week or so.. and then this will give the potential to build some strength to head up and then down again.. possibly 5300 or 4800 (March End) after heading towards 6000.
No comments:
Post a Comment