Nifty futures formed Diamond pattern in 5 min charts, continuing from past 2 days. Volumes were draining while the pattern is forming and gave break down with good volumes in the early hours of trading today. After the breakdown, Nifty did a retest and formed a small Bearish Wolfe Wave at the peak of the retest move, signaling the end of the weak bulls. Below is the bearish Wolfe Wave in 1min bars
With the bearish Diamond cloud supporting bears, price couldn't bounce back and just drifted down till end of the day.
3 comments:
Maam, I went through your blog today , and one thing I can say, this is meaningful, through study. I am fascinated with the application of classical technical by you . Wish you all the best. this is one of the best blog I have gone through in recent days. Thanks a lot. Please also visit my blog..
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Dear Satyam,
Thank you for your nice words. You write a very nice blog, I'll surely be a regular to your blog. cheers!
Doji
Thanks a lot maam.
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