Pennant Chart
 |
| Just click on chart for its enlarged view |
Pennant is continuation Pattern. It means that on going trend will remain continued after its break out. 5th impulsive wave is on therefore its upward break out should be expected but all trends are down and Indian markets have moved below 200 Day EMA. Nifty is hovering around at lower levels existing Rising trend line of Pennant for the last 3 sessions with low at 5444 and high at 5579.
Conclusions
Sustaing below 5444 will be bear market confirmation and in that situation 5178 will be possible. Move above 5579 will be up trend indication and confirmation will be sustaining above 200 Day EMA,it will mean range bound Indian markets between 5444-5944
