Nifty is consolidating after the big rise to 5719. Going by the nature of this correction, it appears like a triangle of which wave a-b-c are almost over and wave d & e might be pending. This leads us to think that the current move might be the 4th wave of the 3rd wave [or wave c] of the wave C. Which means a small rise above 5720 to near 5750 range [as per the daily chart - channel resistance zone] might be pending. Following which a major correction in wave 4 [or wave d] of wave C.
However one important observation to note at this stage is - hourly 9 RSI & 35 D chart has shown a clear negative divergence. Even then I feel a small bounce can still be possible, given the strength of the market and shallow nature of the current correction.
Daily Elliott wave analysis for Nifty :
Nifty hourly chart with 9 RSI & 35 D:
RSI is in the verge of cross over on its trend line or the triggering line to indicate a down move.
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