Nifty 50 Update. As on 5 April 2021. CMP 14,540. Posted at 12:30 pm.
The larger probability still remains for a short term rally above 14,900. But there is a smaller possibility that last week's high of 14,883 is a temporary top.
Primary count : The form shown below for wave C completion of a bearish triangle remains valid, but the form would be better if a new high took place - even above 14,900 would be a better "look" to complete wave C.
So while the preference is for a rally to first above 14,900 to complete wave C of the bearish triangle, we cannot rule out that it is already in place at 14,883.
This count is valid as long as 14,265 is not first violated.
Alternate count : The expanding triangle is still very much on the table. This calls for a rally to above 15,333 in the next few weeks to complete the bearish triangle.