Nov 17, 13

It appears like 'C' has ended as failure at 5289. If so, the following wave would retrace it completely. i.e. from the beginning of 'A'.
There is one possibility to negate this view. Thursday's upmove reversed the selling sentiment. If this buying can lead NIFTY above 6289 then my view of "C ended" can be wrong and probably index can make new highs.

If not, then the movement from 6289 is the retracement wave and the target could be lower than 5319 / 5119.


In the coming week:
With the bearish sentiment expect a small recovery and then selling continues until the target reaches.

With the bullish sentiment expect NIFTY to break the upper resistance 6289 with force.