A confluence of signals in Nifty

The upmove which started in Nifty has completed 3 legs of upward movement and is currently in the 4th leg as seen in the following Nifty hourly chart.


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Nifty hourly chart  

The 1st and 3rd legs are equal as shown by Fibonacci extension which opens the possibility that this upmove can be corrective.The three legs can be ABC.


Right click on chart and click on view image for magnification 
Nifty hourly chart   
 

What can we predict about the very minimum target for the 4th leg?

1] There is a Head and shoulders pattern seen in the following 15 min chart which gives the target of around
5920.The blue slanting trendline is the neckline.

 
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Nifty 15 min chart  
  

2] The Fibonacci extension of 161.8% is shown by the red horizontal line around 5916.

3] The blue horizontal line around 5916 is showing the 38.2% retracement of the previous move.

4] The green horizontal line is showing the previous bottom which will act as a support.

The confluence of so many signals around 5916,the current downmove will most likely reach 5916 at the very minimum. 

Disclaimer: The views given in this blog are for educational purposes only. Readers should exercise personal discretion and take expert advice before taking any action in the stock market.The author of this blog is not responsible for any losses which anyone might incur in the stock market by acting on these views.