Wolfe Wave India

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Wolfe Wave India

Nifty and Bank Nifty Analysis

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NIFTY 7th January 2011

Following up on last weeks analysis I mentioned that Nifty would head to 5900-5930 in 4-5 days. The

analysis was posted on 2nd January (Saturday) and today 7th January (Friday) Nifty hit a low of 5883 &

closed at 5904. The top I suggested would be at 6150 / 6170 and Nifty made a high of 6180. I have

been providing updates pretty much on a daily basis. What next?

I dont seem to find much strength in the upmove so any upmove may be limited to 6050 & 6090.

These levels should be used to add to short positions. Ive marked these out in purple. On The

downside I feel more comfortable with the Red WW

Indicating 5600 or lower. The blue WW couldbe a long short and I would wait for wave structures to develop before entering a trade.
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2/11

Bearish WW Structure

BANKNIFTY 7th

January 2011

I mentioned last week that there was No strength is this counter at all. While SBI moved up sharply

this counter was still weak. I mentioned that It could test 11200 on the downside and possibly 11900

on the upside. Banknifty tested 11912 and reversed from there to test 11007. As long as the previous

low holds 10977 it can possibly head back near 11200 / 500 or higher and drop again. How much?

9600!!


3/11

NIFTY - 2nd January 2011

Many mixed signals on Nifty and Bank Nifty last week. However, it seemed that Nifty would head to

6100+ and closed at 6135. The immediate targets would be 6150-6170 I advised to go short here at

these levels for a target of 5900 5930 in the next 4-5 days. There are negative divergences on the

chart.


4/11

BANKNIFTY 2nd January

No strength is this counter at all. While SBI moved up sharply on Friday this counter still looks weak. It

can test 11200 on the downside and possibly 11900 on the upside this week. I would favor the

downside move this week as Nifty would help push this counter down. There are negative divergences

marked out on the chart.


5/11

NIFTY 14th December

I stated yesterday that Nifty would possibly head lower to 5650- 5600 bounce back up and then head

down to 5450-5500 Short below 5880 and higher (if it heads to 6000-6100)


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BANK NIFTY 14th December

Looking extremely weak. It can head down to 11000 / 10800 / 10650

NIFTY - 11 December 2010

Nifty should be a buy for now. However, something strange is going on. The previous low wassomewhere at 5690 and the low yesterday was 5721. Usually it is either a 100% retracement or a 127% /161% / 261% retracement. You can see that we did not retrace 100% so you should be on the guard andadd shorts at 5780 and below aggressively. Nifty should head down to 5690 - 5500 - 5450 before movingup. I've advised to go long on Friday so keep a tight SL at 5780 and hold for possible targets of 6100.

However, if 5700 is taken out I would revise the 6100 target after the waves complete. For now, hold onto your longs for 6100!


9/11

BANK NIFTY 11 December 2010

This counter looks like it's headed up possibly to 12700-12900. I advised to go long on Friday. Again,keep a SL at 11150. Breaking below it can head down to 10600.Previously i advised to go short at 12520 and the targets were 11100 - 10800. It made a low of 10977yesterday. One would have made 1400+ points on the downside.

The opportunity now is of 1500-1800 points!!


10/11

NIFTY 2 December 2010

Per the chart there are several wolfe waves that have formed and I've colored these seperately - Green,Blue, Pink and Red.

If we go by Fibonacci retracements - 50% of the current retracement is 6015 (condition met by WW inBlue) and 61% is 6091.

The current WW scenario supports 2 possibilities - 6015 and 6250 or so..If the mkt heads beyond 6091 -it will test 6250 or so.

The Green WW - indicates the larger trend which may play out to 6080. This means that from todays highof 6030 we should drop sharply to 5700 / 5650 (pink WW) and then head back up to 6080-6100 (Green)

The Blue WW tgt is met at 6000 while one more exists (Red) which indicates 6250 + We need to wait itout and see if the mkt heads beyond 6091 - Currently mkt is over bought in the short term and may see adrop to 5650 and then a rise back to 6080-6100. Play this trend with strict stops.

BANK NIFTY can head to 12550 and then head back down possibly to 11300.. and then head back uppossibly to 12900


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