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Weekly MACD upward intersected Average Line in previous week after 19-11-2011 and given positive moves strong indication but on the other hand 'Gravestone Doji Candle'(Bearish) formation in previous week
Weekly MACD:- 3rd wave which begun on 13-07-2009 from 3919, terminated at 6338 on 05-11-2010 and 4th corrective wave begun which terminated at 5177 on 11-02-2011. Weekly MACD upward intersection Average Line in previous week is 4th corrective wave termination and 5th impulsive wave begining confirmation.
Gravestone Doji:- 5th impulsive wave begun on 11-02-2011 from 5177 and faced resistance at 5944 in previous week. Gravestone Doji weekly Candle in previous week is Short term correction begining confirmation of 1st leg of 5th wave.
Conclusion
Nifty will first correct 1st leg of 5th wave(5177-5944) according to Fibonacci Retracement levels in the coming week and then rally will begun to test levels above 6120.