technicals of nifty 7-9-15

· Resistances on NIFTY are7695 / 7752 / 7805.
· Support Levels for NIFTY are7627 / 7601 / 7541.
· We are most probably in the 4th phase of second corrective.
· This phase is technically the most volatile & time consuming in nature.
· Although a new low was witnessed on Friday below 7667, the possibility of a triangular or diametric wave formation within the 4^th phase brightly exists.
· Remember, this phase has been the most confusing & will continue to be so till it concludes.
· Only after its completion will start the 5h phase on severe decline in the market.
· Till then Triangular & diametric, both wave pattern suggests regular ups & downs which shouldn't be a reason for panic.
· Good luck..