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

NIFTY

Fall from 5740 levels doesn't indicate bearish pattern has been started as i think it should touch 5600 levels .if Nifty's price will break above 5740 levels then we could see huge upward rally till the levels of 5940-6180. But if i look on recent chart pattern where 5740 as strong resistance levels according to Rising dot dot trend line as well as Falling dot dot trend line indicates very strong to breach that point so at this time i am just on neutral if go above again 5740----then bullllll.

According Rising dot dot trend line where indicates strong resistance line . if nifty could not breach that trend line so we may not see huge rally in ahead as indicated in chart.

NIFTY

After a big pull back rally near 5200 levels indicates bullish in near term . so for the conformation i am expecting it should fall near 5700 levels of previous high as i indicated in chart then rise without touching previous low . i think nifty should consolidate for the few months in the range of 5700--5200 levels or creating inverse H&S pattern. But according to daily chart i am still in bearish mode . For the bullish i have to look when nifty will cross falling red dot dot trend line as indicated in chart or indicated --buy for the short term.

MCX Copper

5th wave is not showing the straight downfall as free fall so it may be as wolf wave bearish pattern to completing the 5th wave but at this time 393-94 levels will be taking as support

Nifty daily, & 1 hr. charts

Nifty 1 hr.chart

I was wrong some days ago ,in which nifty has to touch 5700 levels but at this time nifty has been crossed 5328 levels that means fresh downtrend pattern has been started according to me, which is the tgt. of 4550-4650 levels in daily chart. According to chart pattern-- H&S indicates fresh downtrend in downward daily chart . 4800 levels is the strong point on weekly chart where nifty can take decision whether it will go up or down after a strong pull back from that levels .Means for Bullish--- it shouldn't creat H&S pattern on weekly chart and for Bearish----should creat H&S pattern. Lets see

FTSE

FTSE is quite similar as DOW and S&P charts but at this time i think downtrend pattern will be completed as early than other Index charts so according to me FTSE is trading in C wave which may be 2nd wave . that will be the support to other index as well as commodity index also to go upward .