Oct18 Update

Nifty dropped below 6000 and bounced back in the later half with higher volumes and -ve breadth.Important points for today.

1.Nifty up by 0.2% with 0.63 breadth.
2.103rd day since the lows of 4786(3rd day since the highs of 6284).
3.33rd day since the previous swing low of 5350.

Nifty bounced back after dropping below 6000 at the open.Today was the 3rd day since the highs.In the bear scenario,Nifty may either be going ABC zigzag correction in which case first leg ie A may be done and nifty may now oscillate between 5950-6200 for next 4-6 days after which will be Wave C.OR Nifty may have Just paused in its downturn and may resume the downtrend by latter half of this week.But for both these scenarios the CRITICAL point will be an hourly/daily close below 5960, below which I expect there to be freefall to the ultimate target.
On the bullish side,If this was just the correction in the rally ,Nifty should close above 6200 levels before the end of this week.