My first observation of the rise of Nifty was " Notice in the 5 hourly NIFTY future chart the 1st triangle starting 01/02/12 & ending on 07/03/12 was of 35 days, 2nd ending on 29/03 was of 22 days & 3rd ending on almost 11/04 was of 13 days with the Yellow base line. Time-wise there is co-relation with fibonacci numbers 34, 21 & 13 ! All made lower High & but found support along the yellow (~ 5175) line (April 12 at 9:17am)". Situation stands updated in the daily chart.
However, in to-day's 1 minute chart, the Nifty , after 'Yo-Yoing' till 2 PM, seems to have conceded the battle before over-welming distributions and retreated to low of the day creating a black candle. NIFTY, having failed to thrust UP, is heading for a DOWN move to around 5000 in a few days IMHO.
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