CNX Nifty:
We see that the Nifty's recent up-move is an indication of the trend reversal. Also it is clearly evident that the price has completed its five waves and is in the process of following A-B-C pattern. The 8500 level is a good resistance point to put an end for the A wave. we can confirm this by watching at the over-bought zone in the RSI indicator. After the A wave, it should be heading for a retracement up to 8100 levels. Please post your opinions in the comments.
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