Half Hourly Chart
Nifty reacted from 5605 but made a U turn before touching the 61.8% fibo level of the rise from 5330. The move now seems to be forming the right shoulder of the inverse head and shoulder pattern I have been discussing since the recovery from 5480.
Today's move has almost led to a recovery of the 61.8% fibo level of fall from 5605 to 5480. The level is at 5557. The high made till now is 5554. Cross of the level will attempt to clear the neckline at 5605 else the fall may resume.
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