Whenever markets do this kind of trend- it is always better to stay sidelines of the market rather than guessing where it will head & getting frustrated.
So, I said, let Nifty break 8550 then it will indicate that weakness is still left-in that case we shall look for target zone 8480-8490 & bounce later on.
This bounce has to be substantial as structure from 8968 highs it is has five waves i-ii-iii-iv-v waves each wave is divided internally into 3 waves.
These leading diagonals are retraced deep so I am expecting a bounce in the zone 8850-8900 but it should not go beyond 8968 highs otherwise -this whole structure will become invalid.
So, let us not hurry, one thing at a time- let nifty first fall below 8550 - to see how much it travels down & whether it takes support in the desired zone of 8480-8490.
Abhishek H. Singh, CMT
Wave b the current ongoing one retraced more than the start of wave a , you won't have effective wave C .the maximum will be 78.6%% of wave b.More over now we had 5 wave down which may have extension also possible