Nifty bounced up today with moderate volumes and +ve breadth.Important points for today.
1.Nifty up by 1.1% with 1.65 breadth.
2.32nd day since the lows of 4786(33 days of downturn).
3.13 days since the high of 5366.
Nifty rallied up today but gave up some of its gains towards the end.Todays move could be the Wave5.Today being the first day of the Wave5, price action and breadth indicate weak momentum.If this indeed is Wave5 ,then Nifty should crawl upwards towards 5350-5400 levels in next 2-3-4 days.The weakening breadth only indicate that there is limited upmove ahead.Look for further weakness in breadth with rising price action to indicate of a reversal ahead.
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