Trend reversal??? or normal correction.???


NIfty achieved our upside target 12350.
Reversed from 12430 to today's low 12162.
Is uptrend reversed?? or just a normal correction.
As per price pattern and wave pattern, uptrend is still intact.
Its a normal correction only, not a trend reversal.
On lower side, gap exists at 12132-12044 range.
This gap acts as support for Bulls.
Short term indicators badly in oversold zones.
BUDGET rally probably starts from current levels.
Pull back rally can be sharp and swift upside.
Resistance 12280-12300.
Supports 12130-12045.
Regards,
Suryadev Bandari
Research Analyst.
www.earningwave.com

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