Elliott Being My primary tool for Analysis, I do agree with Rohit, that we could see a retracement, unless there are extensions. However, Our research says that its unlikely that Nifty will have a major trend Change without testing 4640. I have posted this earlier in the forum when Nifty broke 5070.
Is todays pattern an exhibition of Exhaution?? Me thinks NO WAY!! Too many Nifty components have just broken down and unlikely that we will end the downfall here.
That said if Nifty trades above 5180, I am deserting the Bears.
4100 being tested may very well be possible, but before heading there we will test 4640 and 4530, so lets take what Nifty does on the way there....