To day the market opened on a strong note and also continued to move up and closing virtually at the top of the day but still below the high of the day. it may also be noted that whole during the day nifty did not move below the low of the yesterday indicating that the bulls are not prepared to take the market down and they appears to be strong atleast for the time being. So i may not be surprised if nifty moves up tomorrow also . Yesterday i have indicated that the 5th wave failure might have happend and we might see the market going down atleast for the time being but 5160 has to be broken in three days or so. i have also indicated that if the fourth wave forms into a flat then we might see the market moving up after touching 5200. it appers that from the chart that the second wave might be a zig-zag so the 4th wave might be a flat or a triangle so it appears to me that we might have compleated the 4th wave or in the process of compleating the same the compleation of the same would lead take the market up for the one last time to wards 5400 to 5500 levels and then corrects. what i have obsered technically is that generally market gives a false break out and then tanks taking every body with it. I have given both the altrenative-1 and also alternative-2. the wave count for alt-1 is given in red and for alt-2 is given in green. so just follow the market.

M.Sri Mahidar

Trend is friend.