Bearish Wolfe Wave in Spot Nifty - 30th Sep 09

Update at 2:37 PM:

Pattern failed to reach the target. No long trade just now as Nifty is still looking bearish, and over bought.

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Update at 1:50 PM:

Target is aqua line.

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Spot Nifty Intraday Chart - 5 min:

Nifty formed a bearish Wolfe wave in spot Nifty, exited long trade taken in the morning after the break out from the channel. Short trade will get trigger below 5057 in Spot Nifty value(as the WW is formed in spot Nifty). Will again enter long if it breaks the high of the day in spot Nifty.