HDFC bank completed its wave 1 which was a 5 wave impulse and retraced 61.8% in wave 2. Wave 3 up can start which can go to 1615(if wave 1=3 and 1640 if wave 3=1.618 times wave 1). Keep a stop loss at the recent loss at 1558.
S&P 500 completed wave W and is retracing in wave Y to levels of 44470-4485 and the next down in wave Z starts which probably ends near 4200-4220 levels
