Nifty Analysis

Is Nifty is moving towards forming double top or consolidating to take bigger move. Well, Nifty took 7 years to cross double top made in 2007 & 2010 and finally broke double top only in 2014. This time picture look some thing different.

After crossing this double top in 2014, Nifty take resistance on 1.618 Fibonacci extension of last two top made in 2000 and 2007. At the same time, 4X1 angle from the highs of 2010 gave perfect support for nifty. If nifty crosses 8892 levels this time big upside move may be seen. Until 4X1 angle is broken, any fall may be seen as buying opportunity only.