Nifty made a high of 6068 on 15 jan.
Wave I is equal to Wave V (approx)
So this was the end of sub wave 5 of the Wave 5.
Now today closing below 6040 have changed the sentiment to bearish.
Medium term support at 5940.
Daily chart shows a divergence for past 3 months.
RSI and Nifty price level have touch the resistance level yesterday and turned down.
so this as well indicate end of upside.
Wave I is equal to Wave V (approx)
So this was the end of sub wave 5 of the Wave 5.
Now today closing below 6040 have changed the sentiment to bearish.
Medium term support at 5940.
Daily chart shows a divergence for past 3 months.
RSI and Nifty price level have touch the resistance level yesterday and turned down.
so this as well indicate end of upside.
Regards
Rinkesh Jain
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