Wolfe wave active in Bank nifty ,this week closing below last week closing with considerable vol will validate the setup and trigger entry ,inverted hammer on weekly charts and bearish engulfing on daily is strongly supporting the bearish views,after entry being triggered closing above wave would be SL.
@sanjay4848 , It isn't a correct wolfe wave ; You are drawing it in channel which isn't possible ;)
Two lines (By Connecting Top with Tops & Bottom with Bottoms) should converge at some place & in this case , it isn't possible .
sanjay4848
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that's grt ,can u pls share any chart of wolfe wave ,that would help me a lot in learning process and correcting myself on wolfe as its my start wth waves. :-)
Two lines (By Connecting Top with Tops & Bottom with Bottoms) should converge at some place & in this case , it isn't possible .