Nifty Intraday Chart - 5 mins:As I mentioned in the
Flag and pole post, Nifty is moving in a narrow range from past 2 days, and yesterday it did break 4600 triggered a short entry for high risk traders.
Nifty is finding good support at 4581 level, if that level is broken then it may reach up to 4550 level.
Nifty Chart - Daily:On daily charts Nifty formed a narrow range bar with low volumes, indicating the indecision.
Nifty Chart - Hourly:Nifty has to fill up the gap formed on 24th Aug, as the gap would close at
4550 and the trend line support is falling in the same range. And also 4445 is the 50% retracement of the total up move from 4340 to 4750. This level 4450 may act as good support level. Below which
4500 may act as next support
On the higher side
4646 - 4660 may act as good resistance, above which Nifty may go up to
4700 - 4710 levels.
6 comments:
Dear Doji,
Have we formed a bullish wolf wave pattern in nifty 5 minutes chart?
Regards
Pradeep
Hi Pradee,
I cant see a WW in Nifty 5m. If you could post a chart, that will be easy to understand.
Doji
Hi,
Hope my previous question should have given some alerts to the readers. :-) , credits go to Doji, its b'coz of her I came to know about the pattern
Cheers
Pradeep
Hi Doji,
picture link - http://tinypic.com/r/2qxq8gj/3
mark the low on 2 sep as A
mark the high on 2 sep as B
mark the low of morning on 3 sep as C
mark the high on 3 sep as d
mark the low of closing on 3 sep as E
it forms a bullish wolf wave if i'm reading the chart corectly.
to confirm further,
again today we formed a Bullish ABCD pattern from opening to till Noon 12.15, which confirms me to take close shorts & long positions.
Please correct me if i'm wrong, b'coz even a stopped clock shows right time twice a day
Cheers
Pradeep
Hi Pradeep,
Its a nice one, but it has some flaw, hope you know them. C is lower then A, and also if you join the lines A-C-E and B - D they must converge to higher side or lower side, like a wedge. Here the lines are converging like a symmetric triangle. Below is the chart
http://img220.imageshack.us/img220/2608/niftybww.png
Nifty formed a Bearish wolfe wave in 1 min time frame in the morning and one bullish wolfe wave in LITL will post them in some time.
Nice catch, Bullish ABCD pattern gave a good reversal signal. That was very good :)
-Doji
Can you post the gartley pattern afl to be drawn on your basic doji chart AFL?
Post a Comment