Patterns indicate that the diametric downturn of wave A which had consumed 49 trading days as of April 10, is at last over.With considerable uncertainty and ambiguity we seem to have begun wave B.
Wave B as we all know can never be an easy one.If Nifty closes above 5701 in the next couple of sessions, we will be looking at a zig zag as the first leg of B. Of course whether this is a minor leg of larger formations for the first wave of B, only time will tell.
Examining the current mono waves in little more detail.....
Now for our analysis we have considered m0 as leg g of a diametric starting from 6111.80 on January 29, 2013.Therefore m1,m2 and m3 may be considered as legs of a forming zig zag.
Here is the 30 min chart..