Tuesday, May 19, 2009

Wolfe Waves in Nifty (Futures) Intraday

After yesterdays historic moves, today price swung in wide range with increased volatility. Nifty futures formed 2 wolfe waves in intraday.

A Bearish Wolfe wave formed between 10.45 AM to 11.00 AM and reached it's target at 11.08 AM. This Wolfe Wave has good symmetry and high volume at 5. Below is the chart, showing this wolfe wave in 10 tick time frame:


Bullish Wolfe wave formed towards end of the day, between 2.43 to end of the day. Trade entry has not triggered yet. This Wolfe Wave also has good symmetry and high volume bar at 5. Below is the 10 tick chart showing this Bullish Wolfe Wave in nifty futures:


Entry: when price breaks inside 1-3-5 line with filter then long will trigger
Stop Loss: 4297 is the stop loss.
Target: Follow the price movement along 1-4 line.

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