Markets looked very weak in the previous week and was jolted with Mauritius treaty earlier this week.The has been huge foreign investment into India and approximately 35-40% of the foreign investment is from Mauritius,because of the beneficial tax provisions.Hence,the amendment to the current treaty reduces flows to India due to double taxation for the FII`s and market is absolutely right in reacting to the news in an appropriate way.
Technically,as mentioned in the last post,we do need to change the count accordingly mentioned in the chart.
Assuming wave 2 took a flat correction,with A@5177,B@5944 and C@5195 we are confident that wave 2 is completed with flat and wave3 in process,until it breaks the lows of 5170-5190 range in near future.
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