Nifty made a low of 7511 and reached to the trend line shown in the Last post, expecting the primary wave [4[ correction to include all the points with in the hypo 2-4 line. That was so simple assumption. it doesn't mean that the correction is over. Nifty will come down again & may end some where around 7000 after this current pull back and a side way correction yet to be completed.
Nifty pull back move is on and forming a zigzag,an impulse 'a' up to 9038 and 'b' corrected approx:62% abc to 8055, now the c is yet to start soon with a strong impulse move hopefully. On crossing above 9038 nifty can find 9454 and 9983 Be cautious at all these three level as the market is news driven and a huge stumble can be expected anytime at any level. The Horizontal line marked with weekly pivot values will also show some resistance .
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@Tradingrock,True but cautiously. Every action in the market is subjective and one has to play accordingly. why I am saying this, because the slogan "buy on dips" is mainly proposed for a bull market. Here the situation is a pull back ,which can end up in few sessions, and then, as warned in the post above, it can fall from any level. I am expecting zigzag pattern,give minimum (9038-7511)+ 8055 = 9582 ie: a = c