NIFTY AS OF CLOSE 09 APRIL : -
Let us focus on wave ' B', it has started from 5136 and end up at 5379, total length = 243 points.
Now important supports will be like this -
61.80% of wave 'B' will be 0.618 of 243 = 150 => 5379 - 150 = 5229
Yesterday Nifty has seen a low at 5228.
Next is
76.40% of wave "B" will be 0.764 of 243 = 186 =. 5379 - 186 = 5193
So trade below 5228 will give you fall up to 5193 and then free fall for panic selling.
Fresh short can be excuted only below 5228 as this point may result some mild recovery. Who knows if mild recovery can convert to reversal. well, no sign as of now but I am adding all possibilities.
Regards,
Praveen Kumar
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