Nifty Page: 22-05-2013(EOD)

So the black channel got broken further confirming the onset of a retracement

And the support was found on the median line of Andrew's Pitchfork illustrated yesterday

However, yesterday I had also mentioned the probability of a wolfe-wave:

Yesterday's chart:

And although we opened above 6124 and traded above that for a long time, wolfe target was not met.

Would try to take up in detail on this week-end.

Now the next probabilities are:

And from the point of completion of this upmove, which would go minimum upto 6148--- a downmove of 155 points is very likely which would in all probability be triggered by SBI results
And it is always worthwhile to see the other angle as well--- if we open below 6074