On going upmove started on 31-08-2010 from 5349 and reversed from 6339 . Fibonacci retracement levels will be calculated between 5349-6339 after sustaining below 5932 and after getting intermediate term down move confirmations.
Wave 3 started on 13-07-2009 from 3919 toward minimum target at 6359 and market reversed from 6339 without achieving its minimum target. Although Nifty could not achieve target theoritically but shorting of mere 20 points is negligible in 2440 points rally. Sustaining below 5932 will mean nullification of 39 sessions up move and confirmations of heavy selling at higher levels above 6000. If Nifty sustains below 5932 then ABC correction possibility of whole 2440 points will also be considered and fibonacci retracement levels between 3919-6339 will also be kept in mind.
Let market sustain below 5932 then above posibilities of deeper corrections will be under consideration.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
