Nifty took support from the 78% of the ABCD pattern and moved up with low volumes. At the trading range resistance, it started consolidating and moved sideways for an hour. It made an attempt to move up with low volumes but couldn't succeed. Later it tested support with moderate volumes which succeded in 5 min time frame and formed a long legged hammer. Also Nifty formed an Wolfe Wave, which is not a perfect one though. When the support of the consolidation is taken down with filter, entry trade was triggered to ride the whole down move of 110 points. Nifty drifted down with high volumes, reaching the target of the Wolfe wave in between the down move.
2 comments:
as per your analysis infosys shows reversal from 2100.what is the target for downmove in infosys?is infosys showing rising wedge in eod chart?
Hi jayrang patel,
Yes, Infosys formed Raising Wedge in hourly charts below is the image. Today it came slightly below the support line but moved into the wedge very fast. Good breakdown with confirming volumes may take it up to 1980 levels initially.
http://i775.photobucket.com/albums/yy34/chartreader/Infosys-Raisingwedge.png
-Doji
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