Nifty P&F (Wk 0701-1101) - Resistance 6075, support 5925. Time to reflect!

Happy New Year 2013!!!

To all my blog-viewers & readers. Wish you peace, prosperity & happiness.

Long-term chart at the end

Recap:

Support came much before 5800. Was grossly wrong, perhaps lack of attention. But people following PnF would have got out of position (short) the moment BrRL got broken @ 5900.

Weekly Analysis:

Daily Analysis:

Summary:

Weekly & Daily UP. Daily at channel resistance but weekly has got few more space (6060-6100). Added to this the Fib extension indicates 2.62F @ 6075. A strong resistance at this level is expected.
If retraces from current high expect supports @5925.

Yearly Outlook:

I have put the picture in front of you. Only if cycles got to play, we are near the top. Else we go with fundamental theories (DOW) of Higher High (HH) & Lower Low (LL) for the Bull market. Clearly 5580 will play an important level.