NIFTY ANALYSIS - Bullish and Bearish patterns

Nifty found support at 5970 levels as mentioned in the earlier post and has rallied upto 6210 - 61.8% retracement - the Golden Ratio.

Currently in Day charts both Bullish and Bearish Patterns are in the making.

Bullish Scenario:

DAY Three Drive Pattern Chart:

NIFTY ANALYSIS

The Three Drive pattern (CLICK HERE) completed  by falling short of 40 points of its final target 161.8% 5084 - stopping at 5118. It has given quite a decent rally of around 800+ points to reach  a high of 5932.

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

Analysis for Sept 24

Nifty had a huge Runup and has closed near the 52 week High. Now to charts:

NIFTY WEEK LONG TERM CHART:

Cluster of resistance at 5700 levels.
Considering the inverted H&S/Contracting triangle breakout - Nifty is likely to reach the CHANNEL TOP near 6100++ on taking out 5740 - previous High on a closing basis.