Yesterday we noted that " we expect a short term top, for confirmation we need to break 9613 with a faster retracement". We have failed to get a confirmation.
Hence The view remains - that the short term trend remains up. And we continue to track the current rise form 9448 as B wave of flat. Infact after today's market activity, we are anticipating it as an irregular flat. where B wave can go substantially above the start of wave A. once done will fall back again in wave C.
The max that a wave B can go up in irregular flat is 1.27% of wave A. ie 9770.
In case nifty goes above 9770 level, then we should assume that our interpretation of a flat is wrong.
Note - Till we get a faster retracement of the last rising segment , we should consider that we are in wave B.
Hence The view remains - that the short term trend remains up. And we continue to track the current rise form 9448 as B wave of flat. Infact after today's market activity, we are anticipating it as an irregular flat. where B wave can go substantially above the start of wave A. once done will fall back again in wave C.
The max that a wave B can go up in irregular flat is 1.27% of wave A. ie 9770.
In case nifty goes above 9770 level, then we should assume that our interpretation of a flat is wrong.
Note - Till we get a faster retracement of the last rising segment , we should consider that we are in wave B.