Nifty Intraday Update: 8th Jul 2010

Nifty Intraday Update:

Still maintain the bearish perspective on Nifty. Nifty has made a high of 5339.50. Seems nifty may now have completed wavce 2 high. I donot wish to move to alternate scenario.

Possible Wolfe wave in structure in wave c of wav 2. The wave 2 has retraced near 80%. I am now tired of such deep retracements. If this break down, lets see future. For a wolfe wave based target, nifty has 5200 on cards SL 5355.

These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding. We are all students

Nifty Scenarios

As is pretty evident from my previous posts, i am bearish on market. But, then i am trader as well, and look at both sides of the story or both sides of market.

So here i present two scenarios: these are 60 minute charts

Bullish Scenario:

 Bearish Scenario:

These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding. We are all students