Inflection point

Explanation

Sensex has reached a point where we need to wait for a clear trend to develop and give more clues about the wave structure

The current pull back may end soon and we may begin a new wave (3) up but it is imperative to get price confirmation first

Long positions can be build, if the high of Wave (1) is taken off, but with caution

As we said the previous day (please refer to previous blog) that minor correction till 14800 - 15000 is expected and this is what happened in today's price action and prices rebounded from 14900 levels
Also observe importance of 23.6% retracement level that again formed an important support from where prices bounced back