Nifty broke out of the narrow range it was stuck in for last 6 days.Today was the 26th day of rally from feb6th.This move appears to be the 5th of 5th on hourly charts.As mentioned few days before, this could be the climax move before we get any correction of 3-4% on daily basis.Wave count on daily chart becomes little confusing now.
Important points for today.
1. 1.4% upmove with low volumes.
2. A/D ratio was 2.1 ,ie not showing strength on upmove.
My likely scenario over next 2-3 months as of now.
4900+ => 5300+ => 4000.
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