Nifty continued with its downtrend with a deep cut at open but recovered later on.Breadth was very weak at open but recovered later.Important points for today.
1.Nifty moved down by 0.5% with 0.7 breadth.
2.19th day of downtrend from 5399, and 59th day from start of rally on feb6th.
Nifty recovered the fall towards closing.Nifty may have made a short term bottom here and may consolidate around 5100 levels for few days.Nifty close above 5ema will ensure that a short term bottom is in place.As earlier expected,Wave4 option now seems less likely since the cut of last three days does not show the character of Wave4.The cut of last 3 three days with -ve breadth suggests that this downmove is part of correction of 725 point rally or of 2900 point bull market.Weekly close below 5000 OR daily close below 4950 should signal the larger downtrend corresponding to correction of bull market of 13 months.
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