Daily view on Sensex/Nifty for 13th August

Analysis on Daily chart : It was a gap up day i.e. Belt hold Line type on candlestic chart. The gap of (15208-15044) = 164 points is visible on Daily Sensex chart. Generally according to my experience points of gap are traveresed from the high/low in the diection of gap as long as Gap holds in daily chart. i.e. (15545-days high + 164) = 15709 becomes the next target for the sensex as long as the gap holds. The sensex also closed above the 13 day moving average. The sensex always has taken the support of 13 day moving average since the rally from March. Only 2 times it had breached the average since March. Once from Budget and 2nd time after heating 16k. Now as long as the sensex is above 13 DMA, it will be bullish.
The sensex has traversed 67% of the fall from 15970. If we considered 80% retracement it is 15715 is the next target, which is closer to 15709 mentioned above. However 5 day fast Oscillator is now at 96 nearly overbought condition.
Wave structure wise if rally started yesterday crosses 15970 in faster time, it will mean that it is a same part of wave that started from 13220 and reached 16k, because fall from 15970 to 14701 took only 4 days, wherease rally from 13220 to 16k took 18 days, which does not satisfy principle of similarty for new wave. For downturn to continue it needs to retrace the last segment of the 2 days rally in faster time.