Confused correction!

Sensex

Explanation
Sensex looks to be in a complex 4th wave correction
The momentum is continuously decreasing
Avoid any long positions in this "sucker" rally
Global markets are not looking good, with Chinese market weakening everyday
DXY has given a good impulse wave up and should head for a big rally
Copper looks to have formed a major peak around 293
We maintain our negative bias as long as 15970 is not taken out

Hindalco

Explanation
Hindalco is relatively very weak and the momentum is also downwards
We still maintain our negative views on Hindalco as long as prices do not break above 116 levels