Whilst it was expected that we wud go to 4820/40 and then go down to 4640/4600 or so.... the intensity of the fall today was a BIG surprise....I wud be very careful if Nifty went below 4600/4580.... becoz then the whole count wud change n probably revert back to the original count of us being in wave C rather than a continuation of wave B.
On w8 n watch mode for now... If we stay above 4580 and go above 4820 I wud expect the market to go up.... else...it wud become very bearish.
Bearishness wud be confusing becoz(despite bad fundamentals)the positive divergence on RSI n Macd on weekly charts, as well as Macd on Daily.... n hourly charts... does not seem to make a case for such downsides.
Also the downside count of wave C(original) is not perfect anymore...somehow... I still think we oughtta go up n not down... except the intensity in the fall from 4820to 4628 is confusing rite now.
Lets see... 4820/4580 hold the key.
