We saw a fall in Nifty last week, which was followed with a surge in the Friday session that may raise some doubts over our medium term outlook of the fall. However, I still continue to expect a wave C fall over the medium term as long as we hold below our May 15 high of 10930.
The surge we saw late last week, may indicate that the price action is part of a wave C ending diagonal triangle in early stages (although I don’t like ‘speculating’ on what kind of pattern is developing this early). However as long as Nifty stays below 10893 level, this would continue to be a strong possibility. Chart Below: