"Opening will depend on global cues but sustaining above 5945 not expected and finally down moves toward 5690 expected either from today or tomorrow"
Down move was seen and Nifty cloed 137 points down as well as yesterday lowest was at 4742.
4 days narrow range move after pull back rally was the key and sustaining below it was confirmation of fresh down move toward the low of correction and that was seen yesterday.
ABC correction is on. A & B waves have been completed and C wave is on. Its calculation is as follows:-
A- 6339-5690= 649 points down
B- 5690 to 6034 and then correction restarted after 4 days range bound move.
C- 6034-649(100% of A)=5385(Expected target of C)
ABC correction showing daily Chart:-
Long term trend is up. Short and intermediate term trends are down. Intermediate term trend is confirm down and its character is testing of 200 Day EMA(today at 5561)
I told following lines yesterday:-"yesterday intraday charts of Nifty and many pivotal stocks are showing selling formations."
Same lines repeating today also:-"yesterday intraday charts of Nifty and many pivotal stocks are showing selling formations."
EOD charts are showing weak structure and complete selling patterns in intraday charts also therefore further down moves possibility can not be ruled out.
Today market moves will depend on on Govt clarification on IB report leakage but finally down moves will be seen. As per my view 200 Day EMA will be next trend decider and lot of process has to be completed for fresh rally. Complete consolidation requires for any type of upmoves and until that will not complete till then any type of rally should not be expected.