|NIFTY WAVE COUNT|
It is always the case when everyone expecting something market does opposite. Today's CRR Cut by RBI was a shocker. As most people were expecting no change in policy may lead to drop in prices. But Market deed exactly opposite on RBI's surprise.
It Seems Bears are in Hurry to short and Bulls will frustrate them buy taking Nifty to much Higher levels. Well After a sharp rally we might see a profit booking session. But a dip to 5050 can actually be a buy for 5180-5210.. Upside seems limited max 5210.
Well according to my preferred wave count B leg (or as per alternate count - wave 3) may get extended to 5180-5210 also. So I did mistake by calling for short early without confirmation. Shorts to be held with strict sl 5180. I would rather prefer to square shorts & enter fresh on confirmation below 5030.
Well a break below 4800 implies my preferred count to be correct and nifty will make new low. if 4850-4900 held I would rather look for long term trend change signs and be bullish for much higher targets..
Currently I would say just wait and watch.
Thanks & Regards,