Nifty bounced up strongly with high volumes and marginally +ve breadth.Important points for today.
1.Nifty up by 1.2% with 1.4 breadth.
2.61st day of upmove since the lows of 4786(33 days of downturn).
Nifty bounced up strongly indicating that the correction was short term and was Wave4 on the extended Wave5(from 5233).This is likely wave5 of extended wave5.According to the counts(that I am considering),Wave3 is less than Wave1 and is of 143 points.So Nifty's Wave5 should likely stay below 5550.There is a likelihood of Nifty making a bull market Top by next week.
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