Dated 17/01/2017
MUSTARD SEED JAIPUR- Last Close-16/01/2017-4250: In Corrective phase
In the above monthly chart, Wave (b) of larger degree is in progress.
Internal of Wave c of Wave (b) is in progress which can end at the demand zone created by the bottom of Wave a.
The demand zone is 4000-4250.
Recovery from demand zone may be witnessed.
Reversal can resume on rise below 4500.
Conclusion
The demand zone 4250-4000 is being tested. Support at lower range and reversal from lower range cannot be ruled out.