Nifty was in sideways range today with moderate volumes and +ve breadth.Important points for today.
1.Nifty down by 0.1% with 1.5 breadth.
2.9th day since the highs of 5549.
Nifty moved in yesterdays range and closed in the red.Since All previous corrections in Wave5 have been surpassed in 7/8 days,so this bounce being just a retracement remains valid.Another 1-2 days 5549 is not crossed,then chances of a steeper correction will increase.Also this week,Nifty retraced 58% of last weeks fall.All previous corrections on weekly basis in Wave5 have been retraced completely/or more than 90% in the next week.These are indications that reversal may have happened in Nifty at 5549.Also 21 days from the highs is critical time to make a bottom or close to bottom.So with 9 days gone, next 12 days could see lot of action.
No comments:
Post a Comment