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The NSE index Nifty 50 fell as much as 0.6 per cent in the initial trade on MondayThe Nifty index has cut below a key support level at 11,795.85
The support is identified as the 14.6% Fibonacci retracement level on the uptrend from October 26, 2018 low to June 3 high
The index also breaks below its 20-day exponential moving average and has cut below June 7 low of 11,769.5
Breakdown suggests that index may test a support at 11,722.5, the 38.2% retracement level of the uptrend from May 14 low to June 3 high (wave 3)
The index's wave pattern suggests that it is in wave c of a three-wave downtrend. If the current wave travels the same distance as the wave a, the index may fall up to 11,667
Wave pattern further suggests that within wave c, the index is in the third sub wave of a five-wave downtrend
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