Nifty moved up further crossing the previous highs of 5399 with moderate volumes and neutral breadth.Important points for today.
1.Nifty up by 0.6% with 1.2 breadth.
2.34th day of rally since the lows of 4786(33 days of downturn).
Nifty extended its upmove and crossed 5400 today.Breadth weakened today indicating the rally is ready for correction/pause.Wave5 is continuing right now,so any weakness below 5250/5200 should confirm the start of downturn.Today was 3rd consecutive day of upmove and according to character of previous rallies in this 34 days upmove,rallies have not taken any break.I expect the current Wave5 to continue with a small pause/OR without pause, but any close below 5300 should be an early signal of end of wave5.
Signal of End of Wave5 should be a point to go short.
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