Yesterday I expected NIFTY to rally till approximately 4820 and do a fast rewind. But it is only half done by hitting 4817. However the second part looks to be on its way, as it has closed below the minor trend line "M T". NIFTY many times tried to sustain above 4800 and could not do so.
The new position of point "6" is changed to a location near 4600 and at 12.00 Noon tomorrow.
All these indicate that, there is a high chance of NIFTY closing in deep red tomorrow, unless the price action proves otherwise.
