Nifty-Weekly Chart(27-05-2011):-
Wave-5 started on 11-02-2011 from 5178 but Nifty moved below its trend line and closed below it in 2 previous weeks. As wave-5 breaking down was without force and last week candle is Bullish Hammer therefore very short term upmove seen in previous week.
Continuation Pennant pattern formation in last 7 months correction and Wave-5 formation but it was also broken down 2 weeks before. Upmove started in last week but Nifty is still below Rising lower trend line of Pennant and moving above it will validate the existence of Pennant pattern.
Rally started in last week and uptrend confirmation will be after weekly closing above Wave-5 trend line(Rising lower trend line of Pennant)
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Continuation Pennant pattern formation in last 7 months correction and Wave-5 formation but it was also broken down 2 weeks before. Upmove started in last week but Nifty is still below Rising lower trend line of Pennant and moving above it will validate the existence of Pennant pattern.
Rally started in last week and uptrend confirmation will be after weekly closing above Wave-5 trend line(Rising lower trend line of Pennant)