Nifty again reversed yesterdays gain(about 80%) with lower volumes and slightly -ve breadth.Important points for today.
1.Nifty down by 1.2% with 0.77 breadth.
2.27th day since the 4786 lows(33 days of downturn).
Nifty flipped again for the 4th day,putting a doubt on the Wave4/Wave5 count.Today was the 8th day since the high of 5366 was hit.If that previous high of 5366 is not captured in 2 days(by monday,I would expect Nifty's rally from 4786 is done and Nifty is headed lower towards 4700-4800 levels.Tomorrow is weekly closing and a -ve closing (if it is @1% -ve) will imply loss of momentum in Nifty rally.
5 impulsive waves have been completed on weekly and monthly charts and the June monthly closing(5312) looks like a double top after a 5th wave on monthly charts.If this is the case expect July monthly closing to be significantly lower than June's.
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