Jul7 update

Nifty once again reversed its previous days gain with lower volumes and -ve breadth.Important points for today.

1.Nifty down by 0.9% with 0.66 breadth.
2.31st day since the lows of 4786(33 days of downturn).

Nifty reversed yesterdays gain,thus staying in the 5200-5370 range since about 15+ days.If the Nifty has made a top , then the downside momentum should have gained strength in 12 days.But downside momentum is not there in Nifty.And on the upside Nifty is making lower highs.This can be a Wave4 correction,that is usually shallow.and Nifty may be forming a triangle pattern in wave4.If so then 2-3 days of consecutive upmove should confirm Wave5.Again I expect if wave5 is going to be there,it should not be more than 3-4 days.