Another Wolfe Wave - Is major correction ahead?

[smridhi]

Dear friends

Kind attention to Wolfewave experts, I have attached wolfewave chart, it shows a major correction a head. Am I predicting correctly? I am still in learning stage, please correct me if wrong.

For supporting the above bearish wolfewave, I have also attached the Intraday chart of 14th Aug 2006 Nifty, it also shows bearish divergence in MACD, RSI and Stochastics.

Can anybody see major correction in elliot wave formations?

Regards
Smridhi

 

[aad]

Dear friends

Kind attention to Wolfewave experts, I have attached wolfewave chart, it shows a major correction a head. Am I predicting correctly? I am still in learning stage, please correct me if wrong.

For supporting the above bearish wolfewave, I have also attached the Intraday chart of 14th Aug 2006 Nifty, it also shows bearish divergence in MACD, RSI and Stochastics.

Can anybody see major correction in elliot wave formations?

Regards
Smridhi

Hi Smridhi,

I think we are in tune. See my message of today http://www.traderji.com/technical-analysis/7699-another-major-correction-corner.html wherein, I have also asked for similar confirmation. I hope some seniors will answer our queries.

By the way, what is Wolfewave pattern ? I guess its a candle-stick pattern. Am I right ? Pls tell me more on how to recognise it, its implications. Is it considered a reliable one ? Does it give any price / time targets ?

Thanks in advance

Abhay (AAD)

 

[smridhi]

Hi Smridhi,

I think we are in tune. See my message of today http://www.traderji.com/technical-analysis/7699-another-major-correction-corner.html wherein, I have also asked for similar confirmation. I hope some seniors will answer our queries.

By the way, what is Wolfewave pattern ? I guess its a candle-stick pattern. Am I right ? Pls tell me more on how to recognise it, its implications. Is it considered a reliable one ? Does it give any price / time targets ?

Thanks in advance

Abhay (AAD)

Hi Abhay

You can get more information about wolfewave and its charactristics through these links in our forum.

http://www.traderji.com/technical-analysis/6561-sensex-topping-out.html?highlight=wolfewave

http://www.traderji.com/trading-technicals/4674-wolf-wave.html?highlight=wolfewave

Regards
Smridhi

 

[aad]

Hi Abhay

You can get more information about wolfewave and its charactristics through these links in our forum.

http://www.traderji.com/technical-analysis/6561-sensex-topping-out.html?highlight=wolfewave

http://www.traderji.com/trading-technicals/4674-wolf-wave.html?highlight=wolfewave

Regards
Smridhi

Interesting... that thread seems to have correctly identified the recent 12th May crash...

Thanks a lot Smridhi

Abhay

 

[aad]

Interesting... that thread seems to have correctly identified the recent 12th May crash...

Thanks a lot Smridhi

Abhay

Upon going through the details about this pattern, I found major difference in your analysis and what theory says (visit http://www.chart.nu/wolfewave.htm for more details).

The very first is, point 1 is formed on an uptrend and not on a downtrend as plotted by you on 05.06.06. In that case, we are at point 3 of wolfe wave (and not 5 as envisaged by you) with 1st point being 13th July. Interestingly, point 3 has just crossed 127% of the Fibonacci retracement (on 14th August 2006) of the earlier decline 1-2 i.e. from 13th July to 24th July, which is another requirement of Wolfe wave pattern.

In order for this pattern to form, a decline below current levels is the first requirement. If this happens, the decine should stabilize @3000 on Nifty.

Regards,

Abhay (AAD)

 

[chheda]

Dear friends

Kind attention to Wolfewave experts, I have attached wolfewave chart, it shows a major correction a head. Am I predicting correctly? I am still in learning stage, please correct me if wrong.

For supporting the above bearish wolfewave, I have also attached the Intraday chart of 14th Aug 2006 Nifty, it also shows bearish divergence in MACD, RSI and Stochastics.

Can anybody see major correction in elliot wave formations?

Regards
Smridhi

Hi Smridhi

Plz see the attached chart . So as you see there is not a wolf-wave on Nifty Daily Chart.

Harish Chheda

 

[smridhi]

Dear Harish Chheda and Abhay

Thanks for your replies and correcting me.

Regards
Smridhi

 

[gvnarendra]

hello guys,

this is my view of wolfe wave for nse.see the attached chart.the target of first wolfe wave was reached some days before. Now there is a new wolfe wave formationon hourly chart which is similar pattern to 8th and 9th chart in this link.http://www.chart.nu/wolfewave.htm.Going ahead,there is a firm resistance at 61.8% of the whole fall from may.if this holds it could possibally test 3050 region where it might hit the wolfe wave target line.

regards,
gvnarendra.

 

[arun]

For a direction and analysis of the NSE 50 Nifty see http://www.tradersedgeindia.com/indian_stock_picks/S&P_CNX_Nifty_index_trend.htm

 

[kuldeep49]

hello guys,

this is my view of wolfe wave for nse.see the attached chart.the target of first wolfe wave was reached some days before. Now there is a new wolfe wave formationon hourly chart which is similar pattern to 8th and 9th chart in this link.http://www.chart.nu/wolfewave.htm.Going ahead,there is a firm resistance at 61.8% of the whole fall from may.if this holds it could possibally test 3050 region where it might hit the wolfe wave target line.

regards,
gvnarendra.

Correct me if I'm wrong, but isn't it first necessary for the price to cross the point 1 to 3 trend line before a correction as predicted by Wolfe Wave kicks in? Please clarify.
Regards
Kuldeep