Today’s small decline is viewed as a dip in an ongoing uptrend. My line of control for Bulls is at 5000 in Nifty. While the Nifty remains above 5000, I assume that any decline is a normal correction in what is now an ongoing up move. I obtained 5000 from the hourly chart for the Nifty where the low of 5000 was made before the bullish breakout above the neckline of the pattern. Chart below:
This pattern is coming inside an uptrend, which itself is part of a correction in an ongoing bear market. It remains anybody’s guess if the pattern will meet its target of 5350. Since, we have to trade on probabilities, I remain a buyer while the Nifty is above 5000.