Nifty-Weekly Chart(15-Jul-2011):-
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1- ABC correction of Wave-4 completed.
2- Wave-5 is on.
3- Sub Wave-3 is on.
4- Weekly MACD line intersected above the above the Average line and given buying signal but both lines are below zero line therefore telling that trend is weak.
5- Resistance at falling trend line(5654) which started from the top on ongoing rally and Nifty retraced 4 times from this line.
Conclusions
Impulsive Wave-5 is on after completion of corrective 'ABC' Wave-4. Weekly MACD has also given positive signal and Sub Wave-3 is on after completion of correction. Bullish markets strong indications from Weekly charts therefore upmoves are expected and rally confirmation is sustaining above next resistance of falling trend line(5654) which produced resistance 4 times earlier.