Thursday, February 16, 2012

Nifty - Get Ready for a Trend Reversal ????

Nifty Gave a Break out on 10th Jan, 2012 on a Bullish Wolf Wave.
Ref to the above Chart marked with (1)(2)(3)(4)(5).
As per Yesterday we touched the Line as drawn on Chart and achieved the Target 5542.1
Today Nifty formed a Harami Inside Candle - which I feel it may be a Trend Reversal from here.
Also as per EW - if Nifty is forming a Irregular 4th Sub wave, then we might have finished (B)as marked with Yellow color.
Inside Wave (B) - sw C has almost Re-traced 350% @ 5542.1 of sw A.
Now Nifty should fall for swC on the downside.
On the Contrary if Nifty breaks above the Wolf Wave Line - then its Sure that we are heading towards a New Bull Run.
Lets Wait and See...

Consolidation or Correction

Nifty If breaks and trades today the Channel as given on chart, then should fill the Gap left as shown.
Target 5427.
Else if Breaks above the Channel as show on Chart can show new High as usual.
Lets see.