New low of on going correction at 5585.35 today and as per Elliot Wave Theory Nifty should not close below the top of Wave 1(5629.95) otherwise Waves structure form 20-12-2011 will be is at stake and Waves will be recounted and next trend will understood. As Long Term Trend is also at stake because Nifty is trading below both 200 Day EMA and DMA therefore huge down moves will be seen after sustaining below below 5629.95.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
