What is the Wolfe Wave, and is a Wolfe wave pattern in Nifty forming now?
Simply put, the Wolfe Wave is a natural rhythm that exists in all markets. It is made up of waves of supply and demand that form their own equilibrium. The key to its accuracy is in properly identifying the 1, 2, 3, 4 & 5 points.
Rules for Bearish Wolfe Wave
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1)The 2 point is a bottom
2)The 3 point is the apex of the first upwave.
3)The 1 point is the apex prior to point 2 (bottom), that 3 has surpassed.
4)The 4 point is the bottom of the rally after point 3.
5)The 5 point is the top after point 4 and is likely to exceed the extended trend line of 1 to 3. This is the entry point for a ride to the Target line (1 to 4).
Another Wolfe Wave Formation in Nifty???
If it is an Wolfe Wave Pattern then the line joining 1& 4 (Red line) is our Target line.
For this condition to be valid Nifty should not move above the
Fibonnaci resistance line 2808 as mentioned in my previous post .
Source:
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Good observation..!
dear raj,how do u see the nifty movements in the near term.regds rashmi
dear raj,does ur analysis mean that nifty is likely to go beyond 2840 to 2970 or so.if yes then how many days cud it possibly take. regds rashmi
No Rashmi It is an bearish View with resistance near 2808
WOW…. Nifty closed exactly below 2808 today…i.e. 2807.15. Good Job Rajandran…. Keep it up. Does it mean that this is a trap for bulls ?regardsPunit
Punit whatever 2808 and 2830 will be the resistance now. Above that entire game will be reversed towards bulls. Till then bears can sit and eat honey… its most favorite lunch.. yummy!!! I love honey
Hi sir,U miss guided others. Ur wolf wave pattern count is wrong. yesterday when i checked ur blog I thought of informing u. my laziness i didnt.I request you to go through that pattern once again.The 1 u have market is actually 2 and 1 is 2800 point where the upmove happned which u marked as 1. now u count it will show 3080 as target.ThanksKarthik
the bottom chart is wrong u cant have a bearish wolfe with channel,wedge pointing downwards ….also when wave 5 is not irregular to the connecting line drawn from wave 1 and 3