WAVE THREE UNFOLDING!
In spite of the bullishness which unfolded, Nifty appears all set to start its downward trend anytime. Thursday's rally appears to be wave 'c' of '2' of '3'. Once this corrective pattern is complete, Nifty should start heading lower.
The break below 3810 in an impulsive pattern lays a clear ground for a larger downside at the moment. Even if the pattern is only corrective further downside has to be the logical progression from here.
Irrespective of the sharp rally, expect a weaker Nifty heading once gain to 3710-3670 levels once more on Friday May 30, 2007. Nifty now appears to be all set to record levels of 3200 in the near future sooner than later.
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