We had expected Nifty to move up today and move up to 5730.80, she did.And closed at 5724.After October 08, only today, after 19 trading days, did Nifty manage to cross 5730.
Developing Wave D also crossed above Wave B ( 5721.55), in the bargain.When Wave D crossed 5721.55, it had achieved 100% equality with Wave C.
At 5726, Wave D would be achieving 61.8% retracement of the entire down-move from 5815 to the lowest point of wave 4 so far, which is 5583.05. Technically this is an important resistance point. Since the global cues look positive, we may expect an up-move further. Any how the 138% point of 5775 ( or better still,5765 to 5775 band), could be a turning point downward.
The interesting question is, "will that be the end of developing D wave?"
Astrologically, Wave D could peak out on November 07 and Nov 08 & 09 may see a down trend, whose bottom could possibly mark the end of wave 4. The trend-line connecting Wave 2 and the possible low point of wave 4 assumes added importance.