Please look at RSI trend. Has it broken the trend line? We shall know within 2/3 days, i.e. on 9th or 10th March. Look at the volumes as well. We shall check if they increase. Which ever the way market goes would be a trend for next week/month, for sure.
If you observe the trend line, you may notice that the upmove has a strong resistance at 17300/17400 level and that should met by 10th March or so as per our time target previously discussed.
The exact level comes to 17362 and we mustn't cross it even on intra-day basis. If we do, we have to assume that the wave count is wrong.
Last time we explained alternative scenario. However I am not very sure how to count 5th of the 5th. It looks still an odd wave to me and I have not much of a clue. 5-5 is labeled but I lack confidence as I can't count sub waves. One method is A-B and C where C is 62% of A. But that too look not very promising as sub wave A doesn't make much sense to me as far as further breakdown of it. So in short, 5-5 looks very much an un-explained wave. Hence I know that if my wave count goes wrong (Closing over 17362) what is the reason behind it.
So let us go from there. If 5-5 is completed we are already on A and then B. (2nd wave and that has A, B and C)
If not we may continue to move up to possibly 17260 and then after to 18500 as per approximately 80% of the entire fall from 21200 to 7700. However I would refrain from buying as it could be a very last wave of the entire rally (Wave B or Wave 1)and usually I prefer to avoid buying on a very last wave simply because of greater chances of getting "Stuck".
