Nifty Cash level

All indicators are in a Positive Zone but Wave Theory not suggesting an up move. Nifty rallied from 7242 to 7600  in just 7 days with high volatility and some days moves up in a rapid manner but with comparatively lesser volume. Rallied without fresh buying.  Rallied because of short covering. I suspect that it may be a trap.  I also came to a conclusion that this is  a 4th wave.

If fails to move above 7649 spot (61.8% of the fall), then, chances of sliding towards 7482-7422 or max 7367 spot levels. So we take a risk near or below 7602-7608 for short positions with SL 7649 Spot for the downside target zone .

If closed below 7518 spot then  hold for positional down move. 

Note : If closing come abv or near 7608-7611 spot then exit into shorts .