As discussed in last analysis on 12th Oct 2016, Nifty seems unfolding wave 4 which is probably completed at 8002.
Breaking 8002 wave 4 will overlap wave 2 which will invalidates whole EW count and needs a recounting, started from 6826.
Lets see how it unfolds...
Nifty Day chart:
By holding 8002, seems wave 5 unfolding now and its targets projection coming around 8821 to 9504.
Nifty Hour Chart :
For short term, holding 61% to 80% of last retracement conditions are favoring a bounce. Pattern completion and R:R would help for initiating a trade with small stoploss.
