I had a target of 5200 on wave 2 as in my previous post, However, there was an inverted HnS, which has target of 5200, which retraces 80% of wave 1, which is quiet possible as wave 2 can retrace 99% of wave 1. We are having a zigzag formation for wave 2 and proper inverted head and shoulder (refer chart) whose target works out to 5200.
Currently we may have finished wave (iv) of wave c of wave 2. The 4th wave was a triangle and triangles are followed by thrusting action. This thrusting action, can take wave v to reach ard 5200. Plus we are witnessing a topping structure based divergence on RSI (14) and Nifty hourly.
Further, refer Timamo Post: Toppish Signs where a very good analysis of advance decline ratio is given.
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