Follow up on yesterday's rally.In a classical case, today's rally had price movement but with -ve breadth, indicating the rally in short term has run its course.
Important points for today.
1. Nifty upmove of 0.7% with 0.8 breadth.
2. 5th of 5th on hourly chart underway and may have ended or nearing end.
3. On daily chart(not clear yet), either Wave3 has ended or there is some other wave
count structure that is not yet clear!
4. Today was 27th day of the rally from feb6.
If Wave 3(daily chart) has ended, we should see correction upto about 5000-5100(wave4 daily chart) levels and then 5300+(Wave 5 daily chart) on Nifty.
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