Nifty daily chart's raising wedge is getting closer to its apex. Another week of consolidation by staying within the boundaries of the wedge will make a perfect set up for a big correction.
Weekly charts are also trading close to the top of the trading range.
The weekly stochastic indicator is not showing any weakness. Keep a watch on the %K line which can give an early warning if it moves below the %D lines.
The month chart is shown with the Fibonacci retrace levels of its fall from 6357 to 2252. And Nifty is trading close to its 78.6% retrace levels at around 5478 region.
