Hi Swagat,
Glad you mentioned the Wolfe Wave. Another thing i learned thanks to you.
From what i gather of the (Bearish) WW, it's a kind of giant 5-pt rising wedge, with a much bigger range than the normal Rising wedge variety.
The pattern seems to have begun on the Sensex since Dec 06 when we had a high of 14040 (pt 1). Pt 3 (Jan 4 top of 14060) was slightly higher than pt 1 and pt 4 (13303), the 2nd bottom, is higher than pt 2 (12801) the first bottom.
As it usually follows time symmetry should take a week or so to complete and has a downside till around 13000 (from the line joining 1-4, as of now - more sideways movement will increase the downside projection).
Don't know much about the volume pattern though. Volumes were lower than avg from pts 1 to 3 but have started rising since then (from the 2nd peak) Is that the usual pattern??
Please correct me if my understanding is wrong & keep posting as & when you get more clues/confirmations.
Regards,
Kalyan.