Nifty Touches Crucial Target Zone 8400 !!

Nifty today crossed the target zone of 8400, only to retreat below the level with the oscillators reaching overbought zone. The rally from 7800 to 8400 may well be the wave 5  as discussed in earlier posts

 Why 8400 could be Critical : Nifty Elliott Wave Count.
QE &Nifty Update : Elliott Wave Count

A fall below 8350 may result in correction setting in and may pull back the indices below 8000. Else, the rally may continue to the next probable wave 5 target of 8650.