Now the big question is the correction from 5815-5666 is impulse in nature or corrective , The fall looks like impulse but Friday spike is creating a confusion ,The wedge break out and a H&S Break out on Hourly chart giving the target of 5600/5500 respectively ,NIFTY had taken the support near 23.6% retracement of the rise and the median line of the channel ,breaking 5680 NF will leads to 5515 zone which is 50% retracement of the rise from 5215-5815,and support for the channel .The selling pressure is converting on daily chart also.so sell below 5680 NF for the target 5515.
R.K.
Fresh update :The minimum correction of the 4th wave i.e 23.6% of the 3rd of C is over , but i want to see a low on 10/11 or even on 12th,so till than no fresh long positions .
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