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NIFTY short term trend remains down

Short
NSE:NIFTY   Indice NIFTY 50
NIFTY view based on Elliott waves.

From the ATH, NIFTY has made a 5 waves down impulse which could be first leg of correction (A/W) and seem to be retracing the down move. Retracement should be at least 38.2% which gives 21606 and 50% is at 21705. After that it should head down!

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