As we expected, Nifty bounced out of the intraday contracting triangle and has begun its upward movement as b.Minor leg b has retraced more than 80% and since the next larger degree wave from 3, did not even correct 38.2% we consider that minor wave b may exhibit strength.If minor wave b crosses 5728 ( 100% line shown) then we consider wave b is going to be stronger.We should know that on October 12, 2012.
From 09.15 TO 13.44 Moon will be in Ketu star, which should favor continued bullishness.Between 10.26 am to 13.44 hrs, Moon will be in Ketu star, but Mercury sub. Now that could possibly cause some coolness.13.44 hrs, Moon will be in Leo in Venus star.Since Venus is also in its own star, we may expect the uptrend to be intact.
If we look at the updated Daily chart, we see that Nifty is to enter a positive zone from Monday. Since Monday happens to be a New Moon day and since prices are rising towards the New Moon, we may expect corrections to set in on Monday. This will likely be a two day affair.
Earlier today, Nifty had breached 5640 intraday, to go down to 5636.80.Technically with the fast fall formation seen on 08th Oct , we are more or less in wave 4.