As we see nifty is trading in between 5200 to 5740 levels and breakdown or breakout of either levels will take decision for the direction of nifty.
So at this point i am in two sides which one is bull --- where double bottom is near 5200 levels in daily chart indicates very bullish above 5900 levels . and if we r completing the ABCDE pattern in Broadening Triangle formation then we can see huge uptrend pattern after making 2 nd wave in ABC wave near 5400 levels for the tgt. of 6100 levels which is strong resistance point.
And another is bear----- if this is not ABCDE pattern as i indicated in chart so that wave may be 1st ( 5177 levels) and 2nd (5944 levels) wave and 3rd wave is running where 1st wave ( 5195 ) and 2nd wave (5737) has been completed in 3rd wave then the tgt. of 1st ----4300-4450 levels and 2nd ----near 3100 levels . if price line will break 5740 levels then bear pattern is false and breakdown below 5177 levels then more probability touch 3100 levels .
So i am just looking for these two levels to taking decision for further period. and Daily RSI chart indicates bullish as i think.
