What a dramatic week!In one dramatic swoop, six days of uptrend was demolished in Nifty, on August 31. The uptrend rose to a crescendo to 11794 and dramatically reversed....Well the cycles and planets did forewarn us last week....Correction has now completed four days and we see desperate articles all over the net....!
Let us briefly examine what is in store..I say briefly because I intend to keep my posts, short...More of them but shorter.
Entire rise started from August 14 from a bottom of 11111.That same bottom has 50 SMA approaching. So it is an important support.If Nifty touches this level and reverts, I would still consider as a precursor to a market top in the near future...All significant market tops show a breach and recovery first before a big break down.