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Sunday, February 27, 2011

NIFTY Updates both LONG term and very SHORT TERM

I got two charts . One long term and one very short term. First the long term one . This is WolfeWave  which i saw recently. Bad news for Bulls. It looks like we are heading down in a big way . The target shows 3400-3600 area. Not sure about the time . But we are in a IMPULSIVE BEAR market .Remember that .See the chart below:

The other chart below is a very short term one . The 5 minute chart showing target for the next 2-3 days . While it definitely helps to know the log term trend  but this short term is really more important to us  because the options contracts are at most 3 months long and we really cant buy 3800 PUTs for next year and sit on our asses sipping beer. All investors must be TRADERS here.And make quick decisions. So lets see below .
In one of the post below " Pretty charts and FORECAST "  i had posted the same chart . I am adding one more thing , the WolfWave to it.

Things to watch here are the red lines and blue line. We came back after hitting that red lower line and that was also around 78.6% retracement of ( i ). So i consider it as ( ii ) .Now on Monday keep a look at these lines and point c particularly. Since elliot wave rules state that ( ii ) cannot retrace more than the origin of ( i ) .
The blue trend line also seems like its broken and we are starting the ( iii ). Finally we ave a WW pattern where the green line is showing target of around 5120 area.

Dont worry .We will not have to wait too long . It will be all clear by Monday, i.e tomorrow.

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