Bull Trap or Bear Trap - Answer with RBI

Dear All,

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Nifty Rallied above 5971. Clearly Saying I did not expect this. I assume that the Ongoing must be..

1) Wave (X) or (B), but since there are lot of Extensions, its hard to Mark.

2) Wave (4) might have ended at 5477, Ongoing must a 5th Wave Upmove. In that case Rally may continue above 6111.8, may be till 6150 and 6300.

Clearly the Ball in the Court of RBI. If it downplays then it may spoil sport the Rally, Else Lot of cheers waiting on the Street. Lets See