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Saturday, April 24, 2010
Nifty in a Wolfe Wave
Is it WW in making ? Or we have already started the downtrend ?
Going by the symmetry of the wave structure we are still to reach point 5.
In coming days price many shoot beyond the upper trendline and might make high near about 5450-5500 and retrace that will confirm a WW.
Please note that at the same point it will be forming a divergence - marked by RED lines on price and RSI and we might get STS giving a sell signal in OB region again marked in RED.
As of now keep any eye on the structure formation. Nothing else to do.
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