nifty for the first time in the current rise from the 5950 the retracement of the last was done in a shorter time than the rise which is indicating that trend is turning weak. if the wave structure is complete the we can see the retracement to the low of the 4th wave low where in give a target around 6450 levels. If we apply fibonacci retracements then we have achieved the minimum retracement of 23.60%, if its taken out then we have chances of moving towards 38.20% and 50% retracement. which give a targets of 6512 and 6401, will it go to these levels it appears to be so. we have to wait till it is acheived or negated. on of the things to be noted is that nifty has also gone below 20 day EMA for the first time after nearly one and half month which indicates the the market has become weak, it has to move above it to confirm some strength so wait and watch for the same.
M.Sri Mahidar
Trend is Friend
Enjoying Life
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