May11 update

Nifty corrected some of yesterdays upmove.Breadth was weak and volumes were moderate.Important points for today.

1.Nifty down by 1.1% with 0.4 breadth.
2.285th day since mar9,2009 when the bull market began.

Nifty completed 21 days of correction on friday and made a strong rally yesterday.Since yesterdays rally came after the correction and looking at its character, I assume it to be Wave1 of upmove.Todays correction should be wave2 of the upmove and could continue is sideways manner for few more days.
Another scenario is that if 21 days of downmove is taken as Wave1 down(and not a-b-c correction), then rebound rally from 4984 could be considered as Wave2 of the downmove.It's difficult to anticipate next few days now, So next few days of action should throw some light.My anticipation says that cut in Nifty towards 4000-4300 should happen before July15.(it could be may or june or july).This would be a good shorting opportunity ,so needs to be extra cautious on Nifty's action.