Nifty makes a bearish "Evening star" pattern in the weekly T/F.

Nifty,after a day's pause, breaks out of the "Rounding bottom" pattern formed in the Hour T/F...

A rounding bottom, also referred to as a saucer bottom, is a long-term reversal pattern that signals a shift from a downtrend to an uptrend. Due to the long-term look of these patterns and their components, the signal and construct of these patterns are more difficult to identify than other reversal patterns.
A rounding-bottom pattern looks similar to a cup and handle, but without the handle.
The basic formation of a rounding bottom comes from a downward price movement to a low, followed by a rise from the low back to the start of the downward price movement - forming what looks like a rounded bottom.

The pattern should be preceded by a downtrend but will sometimes be preceded by a sideways price movement that formed after a downward trend.

Nifty Pre-Market View.

Nifty came off the highs from the channel top but continued its "shallow correction" and limited itself to 23.6% retracement which stopped at the upper channel bottom.
Nifty, "with a rounding bottom pattern", paused at its previous bottom and poised for a break-out. The targets for such a break-out is generally the depth of the rounding bottom which is "Break-out point + depth"(5450+(5450-5216)235=5685). Any pull backs should limit themselves to 5420-45.
It is now poised to clear the next 80% @ 5458. The unending rise in 5400PE was the major clue for this "event based" expectations.
Moving above the a=c target of 5491 would only mean that this is an impulsive, sub-dividing wave...

Nifty Pre-Market View.

Happy Birthday to dear Srini Harkara (One of our oldest readers).
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The upmove from 4770 to 5124/5144 had pull backs of 53 & 65 points along the way.
5315-5340 zone would be first resistance zone.
5220-5251-Wk & Day Pivots are expected to act as supports.
Parminder has spotted a rising wedge pattern from the lows of 4770 of this current uptrend and Nifty is hovering around the upper resisting trendline of that rising wedge. We'll consider it as the TA start to merge with that and the prices continue to keep themselves within its boundaries.
One of the highly rewarding trading strategies is "Pattern spotting", the most recent one being the "ascending triangle".