Jul9 update

Nifty moved up further with higher volumes and neutral breadth.Important points for today.

1.Nifty up by 1.1% with 1.4 breadth.
2.33 days of rally since the lows of 4786(33 days of downturn).

Nifty extended yesterdays gain and confirming Wave5 is in progress.Wave5 can of ~300 points equal to Wave1(311) since Wave3(400) was twice that of Wave1 in time duration ,so Wave5 should be equal to wave1 in time/distance.2 days of Wave5 have been completed.Also Nifty has not yet scaled the Wave3 high of 5366 since 14 days.This to me is an indicator of the weakening of the rally into Wave5.I expect any signs of weakness hereon to be the likely top of this rally.I expect July monthly closing to be significantly below the June closing.