On the hourly 9 RSI chart also we can see it is ready to form -ve divergence if market closes below 8500 at 10am and then starts come down from that point. Now let us observe 5 min chart.
In a 5 min chart Nifty appears to have formed a 5 wave up move starting from 8288 to 8503.45. A breaking of 8443 which is the end of 4th wave will confirm this. Or breaking of 80% of the up mvoe from 8443 to 8503 at 8455 will give clues to this view.
On the contrary a move above 8503.45 will negate this view.
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