NIFTY MONTHLY LOG SCALE CHART
Again coming technically to chart pattern the clear look comes when we view the monthly chart in LOG scale. In LOG scale chart the lines that are drawn looks linear but in reality that’s curve. And that is accurate because according to my observation it fits the space time better. And you will gradually see in the next chart. Although the physics behind it would be lengthy to explain so let’s avoid the explanation for now.
Monthly Chart:
In monthly LOG scale chart the observation starts from way back Oct 2000. Bullish Wolfe Wave started and was fulfilled. Similarly Bearish Wolfe Wave started forming in Jan 2004 and was completed with 2008 crisis.
And again a Bearish Wolfe Wave started forming since Jan 2008 and is still active. A Bearish Wolfe Wave has formed since August 2018 with in Bearish Wolfe Wave running previously since Jan 2008. And surprisingly it has already taken the (2 4 L) as resistance, indicating clearly the diminishing velocity of NIFTY. And this could only be observed only in LOG scale, you won’t get a hint about the slowing velocity of Nifty in linear scale chart. And Nifty has already hit 2.33 and 1.33 in both trend based and linear retracement. But on trend basis of the Bearish Wolfe Wave(Aug 2018) Nifty still has the space to move till 12380 or 12400 to complete the 5th Wave .
Thanks for going through the article I really appreciate your time. Happy Investing
Monthly Chart:
In monthly LOG scale chart the observation starts from way back Oct 2000. Bullish Wolfe Wave started and was fulfilled. Similarly Bearish Wolfe Wave started forming in Jan 2004 and was completed with 2008 crisis.
And again a Bearish Wolfe Wave started forming since Jan 2008 and is still active. A Bearish Wolfe Wave has formed since August 2018 with in Bearish Wolfe Wave running previously since Jan 2008. And surprisingly it has already taken the (2 4 L) as resistance, indicating clearly the diminishing velocity of NIFTY. And this could only be observed only in LOG scale, you won’t get a hint about the slowing velocity of Nifty in linear scale chart. And Nifty has already hit 2.33 and 1.33 in both trend based and linear retracement. But on trend basis of the Bearish Wolfe Wave(Aug 2018) Nifty still has the space to move till 12380 or 12400 to complete the 5th Wave .
Thanks for going through the article I really appreciate your time. Happy Investing
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