Nifty Futures Intraday Analysis (13th May 2009)

As expected, Nifty started with a pullback immediately after opening. This pullback formed a nice descending triangle pattern as shown in below chart.


While reaching to the descending triangle’s target, Nifty again formed an amazing ABCD (CD extended) pattern. A Bullish Wolfe Wave at the bottom of the ABCD pattern keeping full stop to the supply action, and confirming CD wave is ended here and letting us go long right at the bottom most price! Both these patterns are shown in the two charts below.




After reaching to the ABCD pattern’s target, Nifty formed a seemingly good Inverted Head and shoulders and gave a nice breakout too. The breakout didn’t sustain, and turned out to be a false one, putting a break to dramatic success of patterns today. The false breakout made the price land on the floor in no time triggering all my stops!!

Over all a fantastic day, with a smashing ending!