Elliott Wave & Technical Analysis for Nifty

The bounce materialized from the support zone of 5220-5190 . The short term Uptrend looks strong but is it a corrective bounce only or something bigger ?. Lets check out the probabilities -

Elliott Wave & Technical Analysis for Nifty

Last week's update showed negative divergences in various time frames and Market respected them to move down the whole week . Now this leg of downmove may be nearing an end in the short term . We looks at the probability now -