Nifty Intraday Technical Analysis for 21st Aug 09

Nifty Intraday Chart - 5 mins:

Nifty opened a gap down of 25 points, and consolidated in a narrow range for an hour and just above the support level of 4400. Also, it formed a bearish wolfe wave in this consolidation, seen in 1 min chart below.

Nifty Intraday Chart - 1 min marked with bearish Wolfe Wave:

Nifty reached the target of Wolfe wave immediately. It tested the support level thrice and gave a breakout. Nifty formed a bullish flag and pole pattern and gave a good break out. It reached the target of 4485 level in intraday itself. After reaching the target of the flag and pole, Nifty formed another flag and pole which is shown in the first chart(5 min). In the flag it formed the bullish wolfe wave in 1 min time frame.

Nifty Intarady Chart - 1 min marked with Bullish Wolfe Wave:

Nifty reached the target of bullish wolfe wave immediately, and also the flag and pole target of4520 level. On the over all Nifty formed 2 flag and poles and 2 wolfe wave in intrady. all the patterns reached the targets in intraday.