Wave Analysis

During the previous trading day, the corrective wave (b) extended significantly to the lowerside but is still above the supportive trend line, today and possibly in the next few days, I expect further correction to the lower side, but should not break below 5448.35 where we'll be looking for a long position. The anticipated bullish price rally is the continuation of the impulsive wave (c) to the upper side and should break above 9145.09, but should not go beyond 12,000.23. But should price break below 5445.82.

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