Nifty Hourly charts is at cross roads:
Today's price action seems to form an Inside day and price action with break outside the yesterday's EOD candle range shall be High of 5341 and low of 5217.
60 Minute Chart:
a. Triangle with max with of 90 points:
The todays inside bar, is making a triangle formation on the Sixty minute chart. Any break on outside of triangle, can lead to thrusting action outside triangle and Nifty is expected to travel 'the maximum width of triangle' = 5340 - 5233 which translated to roughly 90 points. So either break of line A or Line B, Nifty can do 90 points. (ref 60 min chart)
There is also possible Inverted head and shoulder type of formation. The NECKLINE, can also a major upside resistance, and break out of this would set for new highs, possibly (5350 - 5160) 190 points from point of breakout / neckline. Assuming breakout at 5330, it would translate to 5520, very which approx 80% retracement of the down move, and possibly wave e of this leg.
Wave Count on Nifty
The following chart shows, the yellow count as primary count. I was thinking at 5400 could be the peak of Ending Daigonal, but i decided to forget one rule on ED, that the 'e' wave or '5' wave of ED always overshoots the channel, in that case, we could see nifty at 5500.
However, break of 5160, could push nifty into wave iii down.
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