Nifty is sharply down today. An alternate labeling can be used. Our earlier count suggested that we have completed wave II at 5135.95. But if we break below the 5257 - 5225 band, the labeling shown on the chart above will come into play. We may then correct to 5080 - 5040 levels, before a meaningful upmove starts. The falling trend line (blue color) has offered resistance once again, so this TL need to be taken out to confirm an end to this corrective down-slide.
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