Nifty Medium Term Outlook Intact

As per our last report Major support was 8510,Nifty made low 8506.

You must read previous report for better understanding.

Below 8510 there is PRZ(Potential Reversal Zone) of 8470.

There is no change of level since our last report.

So medium term outlook is positive till 8470 hold.

Fall from 8968 to 8506 May have two scenario

Case-I-Descending Triangle continuation in which we have seen breakdown below

8540-8530 but not sustained.If it is Descending Triangle then sooner or later we

will witness Breakdown below 8505(Remember major 2nd support and PRZ is 8470).

 So case two arise  if it is not Descending Triangle continuation then?

Case-II-It may be Falling wedge frequently seen in case of Wave 4.But Breakout confirmation yet to come.

Note-The above is my personal view for educational Purpose only.