I have already expressed a view that correct may not come with pause. Correction will come with quick and big three four candles.
It is looking like Nifty is going to be behave in same way. If you remember, when Nifty came at 17440, it failed to make big red candle.
This is the time when we saw big red candle. So what's for the day?
One thing is for sure that we can see extreme volatility with negative biasing. Nifty can come near 17450 and if breaks then 17260.
If retailer get panic then we can see panica fall also. Sharp rally used to get follow up as panic fall. Well, and this rally was too sharp to believe. Panic bottom based on Elliott wave can be 17000 > 16700>15900.
Short term view - Take a note - 17792 is the top for time being. Once this fall is over then once gain it can pick momentum to form double top. Fine, bottom will not come too early.
Happy Trading.
