I think nifty may go up or down after breakout or breakdown happened from trading range is 5495--5655 . If nifty will go up then we can see 5750-5900 levels in few days as indicated in chart. Dow,S&P,Crude,Copper all are indicating bullish at this time so because of these factors i am very bullish on Nifty but above 5655 levels rather than short without touching 5495 levels . yes i will do short below 5495 for short term not for mid term view.

DOW fut.

At this time if i look on MACD indicator which is not going below 0 levels that means this is the 2nd wave of longer term 3rd wave. and if Dow cross above 12720 levels then go up till the levels of 14100 . which is strong Fibonacci Resistance . and longer-term 4th wave may be happened in ABC pattern which could be more complicated to trade at that pattern