Nifty- EW & TA.

Nifty's last resistance point from where the downtrend can resume is 4945-4960. If not, with some consolidation, this move can continue higher mainly due to the "Dollar making new lows".
This a monthly view: It shows that Nifty may be still in the "Correction zone" after a sharp upmove from 2539 to 4697.(Or it may have been over @ 4539 last week). 4350-4450 is the critical support.

After Nifty made its top on 20.10.09, US mkts confirmed it by making a top and fell in "5-waves" down and they retraced to 61.8% level last week assuming the end of the 2nd wave. However, Monday's action has proved it all wrong. While "Dow" made a new high, other US indices are still some distance away.
Under such a scenario, either stand aside to let the market decide it @ this critical point OR simply follow a technical parameter - stay long above 5-avg or on a break above 5-day high and vice versa.