Nifty: 8633 may move side way supp:8550 can go 8740 "Bear Bear"

padiyara Updated   
NSE:NIFTY   Nifty 50 Index
Nifty 8633, is bullish , trading above all the moving averages, the signals are strong in bullish region but a negative divergence prevails, still it can reach to 8740 level, support 8550, and a reversal zone.
A 1.618 projection of wave 1 & 3 from the bottom 7894 to 8417 is 8740.
And a .618 projection of the last leg is approx.: (Note that: wave 4 not yet completed) 8760, if correcting to 8550.

Very interesting story of the Tiger and shepherd boy who was mocking the farmers. This resembles like the Bear and the technical analyst call a correction to the traders.
After some days as the boy, perched up on a tree on FEB 2, as singing a song, there came a Tiger. The boy cried loudly "tiger, tiger”, the tiger is carrying a lamb away." There was no one to come. The boy shouted "Help! Tiger! Help!" Still no one came to his help. The villagers thought that the boy was playing mischief again.
Comment: Thanks for the kind words, cahauhan n sanjoybose.