Yesterday the final dip seemed to have completed a 5 wave down move. This could be wave 'a' of the a-b-c correction or wave 1 of the larger down move. We shall wait and observe the strength of the move to confirm this. In any case this indicated that market will bounce in the short term.
Let us keep a close watch on the fibonacci retracement levels for the current fall from 5448.45 to 5255. A possible range could be 61.8%
| Start | End | Length | 23.60% | 38.20% | 50.00% | 61.80% | 73.60% | 80% |
| 5448.45 | 5255 | -193.45 | 5300.65 | 5328.90 | 5351.73 | 5374.55 | 5397.38 | 5409.76 |
Yesterday market took support at 50 day SMA. This is an important level.
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