Look at this WEEKLY chart .
After a W-X-Y drop , Nifty consolidated in a a-b-c-d-e- kind of wave before finally taking flight to touch the BREAKDOWN level shown by the Horizontal line. Nifty also goes on to HIT the WOLFE WVE target shown by the RED line . Now we take a look at the recent NIFTY action in short term charts .
The pattern look similar and we are again CONSOLIDATING in a very similar fashion. According to this chart , we should atleast go on to hit that BREAKDOWN level at around 5370 shown by the DASHED line.
After that we may again go on to HIT 5600 target shown by PINK WolfeWAve .
Another Bull case is the DIVERGENCE appearing in MACD .4 HOUR CHART BELOW . This MACD divergence is seen in DAILY CHARTS TOO.
Then we have this descending BROADENING pattern itself. (http://thepatternsite.com/rabfd.html) .
We could JUMP to the upper level.
And Nifty rallied nice after hitting that trend line.