We may head up very fast and we are right now. The expectation from FED for QE2.1 or QE 3 may turn around the markets temporarily. Lets see the targets . The below RED line may well be reached. Though its a bit too far. But anything can happen.
Retracement levels from the last downtrend.
AT present Nifty is getting stalled at the 23.6% retracement 5090 level. 38.25 retracement is at 5177 and 50% is at 5249.