NIFTY - AN ANALYSIS

Nifty has broken the Monthly channel support at 5300 levels desicively - a clear indication of more lower levels to follow.

As per the Monthly bullish Shark pattern -
BULLISH Shark Pattern:
O-X - 4770 - 6112
A - 5447 - 50%  RETR OFOX5441
B  - 6229 - approx -113% - 127% of XA
Proj for C:
113% - 5379.2 - DONE
127% - 5273.9
141.4% - 5165.6
161.8% - 5012

The targets for the patterns are either
 161.8% of the leg AB = 5012 or 88.6% of the leg OX - 4922.

the target 5012 coincides with the Bullish Three Drive Pattern formed in Day Charts.

The BC of monthly Bullish shark harmonic is unfolding in Day TF as an ABCD with the last leg CD in a three drive pattern - an Extended wave.

Retracements for 5254 - 5528

88.6% - 5285 - DONE

113% -  5218

127% - 5180

141.4% - 5140

161.8% - 5084.6

This trending down move could drag itself upto 5000 levels as per the pattern and then a pause is likely around 5000 levels.