The upmove today has opened up many possibilities.
There are chances that we are in a triangle ( a huge one from the high of 6338.5 that we made in November 2010).If so, then a bullish possibility exists, which can take the market strongly above 6338.5 after the triangle completes. Completion of the triangle may take some more time.And, once its complete I think, the target of the triangle would be in the range of 6500 to 7300 odd... not sure exactly where right now.
However, if we turn and drop below 5177(and below 5080/5090 to be safe),the bearish scenario exists, which can take us to 4300 or lower.
Lets see where this goes... strong impact on either side is open.
