Nifty Intraday Technical Analysis for 4th Sep 09

Nifty Intraday Chart - 1 min:

Nifty opened a gap up of 20 points, and formed a bearish Wolfe Wave in 1 min and started falling down and reached its target immediately.

Nifty Intraday Chart - 5 mins:

Nifty formed a Bullish ABCD pattern with small error while coming down and took support from the 4580 level which I have mentioned in the pre-market analysis. Also Nifty closed the gap which it has opened at the opening and started moving up. This Bullish ABCD pattern gave good reversal signal at the support, Nifty broke all the resistances and moved up with good thrust.