n my previous post I gave the reversal from 8550 towards 8620 to 8700 with an explicit warning that it should not cross 8700, Nifty made the recent high 8670. As mentioned before I was expecting it to be a correction so it took a while to complete the pattern, Now it seems to have reversed. Now It should form a 3 or 5 wave structure downward, but it should break 8610 first with out wasting much time for the confirmation of this pattern. It can go anywhere towards 8550 and 8500.
Trade closed: target reached: 8500 breached and an immediate low was made around 8490.