Nifty came down today with low volumes and -ve breadth.Important points for today.
1.Nifty down by 2% with 0.28 breadth.
2.9th day from low of 4786 on Nifty.
My scenario of big upmove on wave3 didn't play out and it seems Nifty is either consolidating its gains from 4786 to 5100 since last correction to 4960 OR Nifty May be forming a double bottom Pattern around 4800-4900 levels.Anyways ,I now expect Nifty to trade sideways with around 4900 as lower limit till it makes up its mind to break out on upside.I am inclined to upside move since I see a major downleg unfolding in coming weeks, and that I think needs a leg up before there will be big crack in Nifty.Upside move should be able to move past 5400 levels before reversing.
I will reconsider downleg move incase Nifty does not show any signs of making an upside move in the next few days.At the earliest I expect a crack in Nifty around 1st half of July.
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