Nifty seems to have completed the 5 wave up move as indicated in the above chart. I have indicated in the morning that we are in the formation of 5th wave of the 5th of the expanding triangle. and it appears that we might have completed the up move, unless and other wise the 5th wave breaks itself into its components. So we have to wait for the faster retracement for confirmation of the end of up move.

Another thing to be observed is the nifty has completed Thomas Demarks TD sell sequential on the close of today. it is a major indicator. it has completed the TD sell set up and we have to wait for the market to move or close below the low of the 13th bar, to indicate trend reversal in daily charts and with stop loss at the high of the 13th bar. I have tried this TD sequential for last one to two years and except once all the times it was successful and the correction was very severe. This time bank nifty has not formed a TD sequential that the only negative in this, previously both Nifty and bank nifty has formed TD sequential simultaneously. But patter is a pattern and we have to wait for the confirmation in this method also so any close below 6599 which is the low of the 13th bar with a stop loss of high of today.

M.Sri Mahidar
Trend is Friend.