ab and c waves in the daily chart which constitute wave A of the corrective bigger wave B has evolved as an elongated zig zag and has clocked 422 points so far.5972 is an important resistance area and from thereabouts we expect wave B of B to commence downwards. Since wave A down from 6111.80 has consumed 52 trading days, this wave B also may consume similar time if not more.On the other hand since a new time cycle is forming the wave may also shorten. We need to get confirmation for this.
Astro wise we have rallied right into the full moon which also happens to be a lunar eclipse.And April 29 also happens to be a planetary reversal period as reported in the post called as Astro Technicals April 22-26.It is time to be cautious on longs. All we have to do is to have a tight trail with a 20 point stop loss for longs. Once Nifty closes below 5850, then fresh shorts may be taken, on rises.
Have a great week end trading!