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.

Nifty Technical Analysis For 23rd Sep 09

Spot Nifty Intraday Chart - 1 min:

Spot Nifty formed a Bearish Wolfe wave in 1 min time frame and reached its target in intraday itself. Above is the 1 min Spot Nifty chart marked with bearish Wolfe Wave.

Nifty Chart - Hourly:

Nifty almost reached the second target of 5050 level yesterday, it missed with 2 points as Spot Nifty formed a bearish Wolfe wave it retraced back. But the retracement was on high volumes, which is giving a small hint that there may not be a smooth up move from here.

On the higher side Nifty may take resistance from 5100 level, but 5050 may act as intermediate resistance.

On the lower side Nifty may take support from 5010 - 5000 level, if Nifty breaks these support levels then it may show some bearishness. So moving the stop loss for the remaining holdings to 4992 level.

Nifty Technical Analysis For 16th Sep 09

Update at 3:29 PM:

Closed all at 4969 as Nifty is near numerical Resistance 5000. Will take fresh trade tomorrow.

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Update at 3:18 PM:

Booked 25 % here at the intermediate resistance at 4963 also target is very near by.

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Update at 2:20 PM:
Moving stop loss to 4927.

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Update at 10:08 AM:

Nifty reached the first target of flag and pole at 4940 level, if it breaks into the gap with confirmation then book out 50% and keep stop loss at 4895.

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Spot Nifty Chart - Daily:

Nifty has broken the high of the Gravestone Doji, Which again indicates strength.

Nifty Chart - 1 min:

Nifty formed a Bearish Wolfe Wave in 1 min charts, before reaching the target it formed another one but not perfect this time and almost threatened to break the stop loss for the first one. But targets are reached for both of them. Above chart is marked with Wolfe wave and the targets.

Nifty Chart - 5 mins:

As I have mentioned in the yesterdays update, Nifty has formed a Flag and pole. But initially it gave a break down with confirming volumes in order to reach the target for the Wolfe wave. Nifty pulled back into the channel again with almost equal volumes. It gave a break out later on Target for this may be 4980 level.

Nifty Chart - Hourly:

On the hourly Charts we can clearly see the bottoming tails, Which is indicating that every sell off is pulling back. On the higher side Nifty may reach the target of the Flag and pole at 4980 level. But 4860 may act as intermediate resistance.

On the lower side Nifty may take support from the 4900 level. Below which it may reach up to 4875.

Update: Possible Bullish Gartley in LITL - 4th sep 09

LITL Intraday Chart - 5 mins:

Update on Possible Bullish Gartley in LITL, it formed a a Bullish Wolfe Wave in intraday giving an opportunity to enter the trade at 398. It showed good strength later on, above is the 5 min chart of LITL marked with Wolfe Wave and Flag and pole. I couldn't post this live.

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.

Update: Bearish ABCD and Wolfe Wave pattern in Tata Motors - 27th Aug 09

Update on 28th Aug 09:

Short triggered for Tata Motors, above is the updated chart.

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Tata Motors Intraday chart - 5 mins:

Update on Bearish ABCD and Wolfe Wave pattern, Short trade is triggered in this for ABCD pattern at Rs.488, but I suggest to enter short below the aqua line(below Rs.480) levels as Nifty is still showing strength in present conditions.

Bearish ABCD and Wolfe Wave pattern in Tata Motors - 26th Aug 09

Tata Motors Chart - Hourly:

Tata Motors formed a Bearish ABCD pattern and Bearish Wolfe Wave in hourly charts. Symmetry is good and the convergence is also good.

Wolfe Wave marked in aqua

Sweet zone is marked in pink

Target for Wolfe Wave is Marked in Red

ABCD is marked in Blue.

Watch out for an update on the blog when the short triggers!

Brearish Wolfe Wave in Reliance - 25 Aug 09

Update at 2:30 PM:

Stoploss triggered badly.

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Update at 2:27 PM :

Stop loss for reliance is at 2003.

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Reliance Intraday chart:

reliance formed a bearish wolfe wave, take trade with small quantity. Symmetry is not that good.

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.

Nifty Intraday Technical Analysis for 6th Aug 09

Nifty Intraday Chart - 5 mins:

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.

Update on Bearish (Wolfe Wave + Gartley) in McDowell - 21st Jul 09

Above is the 30 min chart of MCDowell, Stop loss for this pattern was at 952, which got hit on yesterday. I could not update it due to lack of time.

So much so for the double-bearish influence on this low liquidity stock!

Bearish (Wolfe Wave + Gartley) in McDowell - 17th Jul 09

30m Chart of McDowell showing Bearish Wolfe Wave:

30m Chart of McDowell showing Bearish Gartley:

The above two charts show two strong bearish patterns formed at the same time and time frame. The Wolfe Wave is almost a perfect one but gartley has formed with secondary harmonics in the ABCD arm. Targets for these patterns also coincide at the close ranges. Its quite interesting have such bearish convergence at one focal point. Lets see how this scrip pans out in the next few days.

Intraday Analysis of Nifty - 16th Jun 09

Nifty Futures 5 min chart :

Nifty Futures 15 Min chart:

Nifty opened gap up of 47 points due to strong global ques. But the opening was just below the resistance line and stared moving down. It took support form the previous resistance level of 4200, which is also 50% retracement of down move from 6th July to 13 July.It formed a double bottom and also a Symmetric triangle with declining volumes as shown in the above chart. Break out form the triangle didn't happen with conviencing volumes, but it gave a good break out from double bottom pattern.

Wolfe Wave in 1 min chart of Nifty Futures:

After the break out a bearish Wolfe wave formed in 1 min time frame which gave a good signal to reverse the trade at higher levels, as a result double bottom pattern didn't reach the target yet. as I have reversed to short with the wolfe wave and not holding longs for the target of double bottom. Lets see whether double bottom will reach its target tomorrow or not.

Nifty Technical Analysis For 15th Jul 09

Above is the Daily chart of Nifty Futures. Today nifty moved up showing bullishness in price pattern, but volumes are not surging in this good up move. So going for keeping strict stoploss for swing longs.

Above is the Hourly chart of Nifty Futures. Today it stopped exactly at the second Resistance level.

On the higher side Nifty may take minor resistance at 4140 levels as it is the Gap opening level, after that it may go up to 4200/20 levels. Above which it can go up to 4280 levels.

On the lower side yesterday's gap levels of 4025-3990 may give good support for today.

My Nifty Intraday trades on 14th Jul 09

I'm just posting my today's tradding sequence as I wrote it for some event. It may interest some.

Above is the 5 min chart if Nifty futures. Nifty opened a gap up and moved up with out closing the Gap. It formed an Expending Triangle broke the resistance line and reached the target(4127) in intraday itself. It was a good day Long trade after 5 min was excellent entry, as expected bulls came in today moving the market up. Booked intrday trades at end of the day. As the Target for the Big Expanding Triangle(3900 levels) is reached, I booked medium term trades Yesterday, around 320 Points profit. Today entered long for short term keeping the gap as stop loss.

Above is the 1 min chart of Spot Nifty marked with bullish wolfe wave formed in intraday. Target was the aqua line which is reached immediately.

Update: Bearish Wolfe Waves in Reliance Infrastructure and Reliance Capital

Short below 2-4 line - filter for the target of acqa line. Below is the relcap chart follow the same for relinfra, Watch out for risk reward ratio to take the trade.

Update @12:40:

Both the patterns got stopped out badly.

Points to consider for this: (1) pattern formed at yesterday's EOD and I mentioned that successratio is low for such patterns (2) Stop-Risk was unusually high for trading these Wolfe Wave.

Nifty Technical Analysis For July 2nd

Yesterday's Recap (July 1st):
After opening Nifty moved in a narrow range, then gave a breakdown. Fall was with good volumes and it closed the gap by forming a bullish wolfe wave in 1 min, which gave very good opportunity to reverse to longs at lowest point. Nifty moved up with big volumes and the move was very fast, but around 4360/50 levels supply increased due to which it started moving down but at lower levels buying is seen. Nifty formed a trading range due to indecision. Below is the 1 min chart of Nifty Futures showing bearish Wolfe wave:

Cues For Today (July 2nd):
On the higher side Nifty has resistance at 4350/4360 levels, above which it can reach up to 4440 and then 4500 levels. In price pattern nifty formed a Right angled broadening triangle, volumes are expanding slightly (which is good).

On the lower side 4250 level may act as good support, below which Nifty may show good bearishness. Below is the 20 min chart of Nifty Futures:

Bearish Wolfe Waves in Reliance Infrastructure and Reliance Capital

Reliance Infrastructure and Reliance Capital formed Bearish Wolfe waves towards the end of day today. But the success ratio of the intraday wolfe waves that form towards end of the day is low when compared with the rest! These patterns consists of good symmetry and volumes at 5, lets see whether they work for tomorrow or not. Will post when trade triggers. Below are the charts of relinfra and relcap in 5 min time frame:

Reliance Infrastructure

Reliance Capital

Nifty Technical Analysis For June 29th

Friday's Recap (June 26th):
Nifty Opened with positive gap of 57 points and started moving down with good volumes showing the weakness. But it took support from 4250 levels, and started moving up with out closing the gap. Initially it was moving up with low volumes and formed a Wolfe wave in 1 min charts target was reached immediately. At 12.30 Nifty gave a big bounce with volumes confirming that it is CD move of ABCD pattern, and started moving up and finally reached the target of Ascending Triangle. Below is the 1 min chart of Nifty Futures marked with Bearish Wolfe wave:

Cues For Monday(June 29th):
In price pattern Nifty formed an Inverted Head and Shoulders, but volumes are not supporting it, so its not a tradable pattern in my book.

On the higher side Nifty didn’t cross the important resistance of 4390/4400 levels and the 127.2% of BC Leg is also joined that resistance. If Nifty moves above this level on Monday then next resistance would be 4424/4435 levels as this is 100% move of AB leg and 50 % retracement of the entire down move starting from 12th June. But the Gap which is not covered is indicating that there CD may be an extension of AB. Then Nifty may move up to 4478 above which it may reach up to 4547.

On the lower side Nifty made another gap on June 26th that may give first support. Below that 4220 is next support if that is broken price may reach up to 4160 levels.
Below is the 20 min chart of Nifty Futures:

Below is the 20 min chart of Nifty Futures showing BC retracement:

Nifty Technical Analysis For June 26th

Yesterday’s Recap (June 25th):
Nifty Opened gap up, but it opened just below the resistance line of the up sloping Channel. Nifty Formed a good ABCD pattern from 23rd June to today’s opening, which I posted live, and gave a good reversal entry when pivot is broken. Later Nifty started drifting down towards the Channel support. Price took support from the Ascending Triangle and bounced back but it wasn’t successful. A Bearish Wolfe wave formed in 1 min charts of Nifty putting an end for the bulls. This time bears dominated the weak bulls and broke the Ascending Triangle with good volumes, and zoomed down to reach the first target of ABCD pattern. Below is the 1 min chart of Nifty Futures marked with Bearish Wolfe Wave:

Below is the 5 min chart of Nifty Futures:

Cues For Today (June 26th):
On the higher side Nifty may face resistance at today’s high (4360) above which it may reach up to 4390/4400 levels. As Nifty retraced exactly to 61.8 % of the total up move from 23rd June it may get some support, totally depends on tomorrows opening.

On the lower side if Nifty breaks 4200 then it may go up to 4160 levels. Below which Nifty may show bearishness.

Below is the 20 min chart of Nifty Futures: