After several weeks of to-ing and fro-ing, our Nifty at last managed to cross over 5378 and close at 5380. 5378 was the island reversal top made on April 03, 2012. Technically this is a bullish sign. This means that Nifty is all set to march towards its next target, of 5499, the market top of March 14, 2012.
Wave wise, with the conclusive close above 5348, we are in the 3rd wave a leg and this should move higher immediately.
a of 3 which begsan from 4164 has already movrd up 223 points and so a reaction is imminent.
When could it possibly happen?
Since the market only slowed down during the declination turn. the next lunar event of New Moon on August 17 could trigger a reversal.Also August 17 is ruled by Mercury, a negative planet for Nifty.All aspects will have their energies translated into market action, the coming week, it looks like.
In other words, Nifty may improve tomorrow ( April 16) and react down on April 17th.Negative build ups of the aspects may start unfolding next week.
As usual let us wait for price confirmation after the astrological event.