Nifty Spot Daily Chart EOD 27th Aug, 2015

Clearly we are into b-leg of the 2nd corrective after x-wave completion as an symmetrical triangle at around 8500. The sharp and violent fall upto 7667.25 was a-leg and now b-leg up is continuing and it has made a high of 8061.95 till now. The 50% and 61.8% retracement marks are at around 8080 and 8180 levels. These two are the critical retracement markets which would determine the crucial structure of the 2nd corrective. We have to wait and watch here and the bias has turned up yesterday. 61.8% retracement is necessary to prove the fall was not an impulse.